Form 1073: Condominium Unit Appraisal
Form 1073 is the standard appraisal form for individual condominium units, required by Fannie Mae and Freddie Mac. It includes condo-specific project analysis that goes beyond standard property valuation.
Condo-Specific Requirements
- Project description: Unit count, common elements, amenities
- HOA financials: Budget adequacy, reserves, delinquency rates
- Owner-occupancy: Percentage of owner-occupied units (50%+ required)
- Concentration: Single-entity ownership limits (10-20%)
- Litigation: Pending lawsuits against the association
- Insurance: Master hazard, liability, fidelity bond coverage
- Project approval: GSE or government agency approval status
Impact on Financing
- Projects failing criteria may be ineligible for conventional loans
- Low reserves or high delinquency can block financing
- Pending litigation may prevent loan approval
- Commercial space ratio typically limited to 25-35%
Cost
$50-150 more than standard Form 1004 due to project analysis, HOA financial review, and additional certifications.
Related Terms
- Closing — Condo appraisal required before closing
- Equity — Project factors affect unit value
- Encumbrance — HOA liens and assessments
Barnes Walker Condo Law
Barnes Walker's attorneys handle condominium transactions, association disputes, and financing issues throughout Florida. Request a legal inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC