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Lets revisit the basics: In an H&BU analysis, real estate appraisers determine the most probable use of a property by applying four tests: whether the use is legally permissible , physically possible , financially feasible , and maximally productive. Under the old zoning, the H&BU analysis was finished at the legally permissible test.
Welcome to the wonderful world of easements. In our example, if Sandy refuses to let Mark pass through, legal intervention may eventually be necessary to enforce his easement - Mark's right to use someone else's land in order to access his own. ” A person who has an easement does not actually own the land.
” Highest and Best Use is the reasonable, probable, and legal use of vacant land or an improved property. Legally permissible. If not, obtain one, specifically covering boundaries to learn if easements or encroachments exist.). Are existing structures considered legal non-conforming use? Physically possible.
Because a property looks great doesn’t mean all legal entanglements have been resolved, or there aren’t unforeseen challenges. Learn about roads, easements, and property rights: Consider spending the afternoon or night on the land that’s for sale, if possible. Learn about easement rights and road access.
It should be noted that not every state uses due diligence fees in real estate transactions, so it is important to consult with your real estate agent so they may educate you on the legal implications of a housing contract. Any existing easements on the property which legally allow another party to use someone else’s property.
“I have a background in construction and have been a business owner in the construction industry.” ” “I have a life long time in agriculture and worked at a title company, giving me a good understanding of legal descriptions and easements.” I am doing all I can to cover all requests asap.”
Consequently, both the appraiser and home inspector ended up on the receiving end of a “wrongful death” legal claim. I used Hypothetical Assumptions for new construction, of course. =. There may be unrecorded easements or other issues that the appraiser would not and could not discover during the course of the inspection.
A home appraisal is a legal document containing information that determines the current fair market value of a new or existing property. Home appraisals are not just for when someone is buying or selling a home for themselves however, they are also important for: New construction loans. Any existing easements or zoning issues.
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