Details typically sought by New York property appraisers
While conducting appraisals, New York property appraisers follow a systematic procedure. The process has been developed over the years and it is aimed at calculating the current market value of the property in question. During the process, to estimate the market value, property appraisers in New York require a lot of information pertaining to the region in general and about the property in particular. Based upon the information collated and personal surveys, the property appraisers prepare the appraisal reports of the New York property in question.
Thus, as a prospective buyer or a seller or an agent, if you intend to get a property appraised, make sure that you have the relevant documents and details with you. Though, nothing is mandatory, however for accurate results, it is best if you could provide as much details to the property appraisers in New York.
To begin with, you have to designate an individual who will assist New York property appraisers, during the information collection and inspection stages. It could be you or an agent or another family member, but is best to have a single point of contact. The property appraiser would ask for the updated building plans. The plans and specifications need to be supported with legal descriptions. Additionally, ownership history, deed restrictions, insurance policy, lease copies, tax assessment details, rent rolls, tenant lease agreements, engineering reports, repair charges, maintenance work reports, capital improvement details, operating statements and more are needed.
This is not an exhaustive list and all stated documents are not required in every case. Depending upon the property, the New York property appraisers will provide you a list of required documents.