Common use of Format for Supplemental Appraisal Reports Clause in Contracts

Format for Supplemental Appraisal Reports. 1. Supplements or amendments to appraisal reports, such as for updating value estimates or effective date of value, changes in acreage, additional support or explanation, or to correct a previous appraisal report, must be referenced for incorporation with the original report in accordance with USPAP. The following format is recommended. All items must be addressed. a. Title Page.—Include the same information as on the original appraisal report. Label the report as a “Supplemental Appraisal Report to the Appraisal Report for .” b. Summary of Facts.—Include: 1. Owner's name or other identification of the property 2. Client’s name 3. Size 4. Highest and best use 5. New opinion of value 6. Valuation date a. Effective date of the original report or b. The date of the new inspection for updating the effective date.