Form 1073
Definition:
Form 1073, also known as the Uniform Residential Appraisal Report for Condominium Units, is a standardized form used by appraisers to evaluate the market value of individual condominium units. It ensures consistency in reporting, allowing lenders to assess property value for mortgage underwriting purposes.
Form 1073 Information
Form 1073 includes sections for the unit’s identification, legal description, physical characteristics, improvements, condition, and comparable sales within the condominium project. It also addresses the overall project’s characteristics, such as common elements, maintenance fees, and any project-specific restrictions. The completed form helps lenders determine loan eligibility, loan-to-value ratios, and risk exposure for individual units in a condominium complex.
Florida Legal Definition
In Florida, Form 1073 is used in conformity with federal mortgage standards for condominium units and must adhere to state laws regulating real estate and condominium ownership. Licensed appraisers in Florida are required to follow federal appraisal guidelines as well as state-specific requirements concerning condominium disclosures, assessments, and structural standards. Accurate completion of the form is necessary for FHA, VA, and conventional financing.
How It’s Used in Practice
Lenders, appraisers, and underwriters use Form 1073 to evaluate the market value of condominium units. Appraisers inspect the unit, gather data on comparable sales, and assess the overall condominium project to complete the form. Lenders rely on the report to determine whether the unit meets underwriting criteria and to calculate loan terms. Proper completion ensures regulatory compliance and protects both the borrower and lender.
Key Takeaways
- Form 1073 is used to appraise individual condominium units for mortgage purposes.
- It includes unit identification, physical characteristics, improvements, and comparable sales.
- Florida appraisers must follow federal and state guidelines for condominium valuation.
- The form helps lenders determine loan eligibility, LTV ratios, and risk assessment.
- Accurate completion ensures compliance with FHA, VA, and conventional financing requirements.
Disclaimer: The information and opinions provided are for general educational, informational or entertainment purposes only and should not be construed as legal advice or a substitute for consultation with a qualified attorney. Any information that you read does not create an attorney–client relationship with Barnes Walker, Goethe, Perron, Shea & Johnson, PLLC, or any of its attorneys. Because laws, regulations, and court interpretations may change over time, the definitions and explanations provided here may not reflect the most current legal standards. The application of law varies depending on your particular facts and jurisdiction. For advice regarding your specific situation, please contact one of our Florida attorneys for personalized guidance.
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