5.0. HRSR 04-22-2002 - Laserfiche WebLink

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WAIL • contain sufficient documentation, including val- able about the various forms of compensation uation data and the appraiser's analysis of that that arise as the result of a condemnation. These data, to support his or her opinion of value. include the following: The Condemnation Appraisal Team (1) Compensation for Real Estate: includes the land and building; The real property to be acquired includes land, buildings and fixtures. Based on our experience (2) Compensation for Fixtures/Equipment: in conducting con- includes both movable and immovable; and C C demnation appraisals, (3) Relocation Payments: reimburses the tenant we have concluded or fee-owner being dislocated. the owner and that the issue of corn- Appraisers who regularly conduct condemna- pensation are ensured pensation for fixtures, tion appraisals will find it useful to become whether movable or familiar with the URA, the URA of a more regulations, m fair an f 0 aid immovable, is the and the laws in their local jurisdictions. For the accurate valuation biggest problem con- most part, laws regarding the valuation of real of the condemned fronting the apprais- estate and the appropriate methods of valuation er. In many non-resi- have been set forth relatively clearly throughout property and its dential appraisal Y Y g the country. However, the laws regarding com- di various components. assignments, the pensation for fixtures/equipment and the reim- building owner and bursement of relocation expenses have been the tenant are differ- given less attention over the years, m ent parties; each is g Y making com- pensation in these areas much less clearly entitled to compensation. However, owner corn- defined. pensation is different from and separate from The acquisition of tenant compensation. The Unit Rule, which tenant - owned clarifies this, will be discussed in our Summer improvements is The format and level 2002 issue. During the required property addressed in Section of documentation for inspection, the real estate appraiser will review 24.105 of the URA f f with the owner and tenant which property corn- regulations. It pro- ponents belong to whom and how compensa- vides that when on the complexity of tion will be determined. A team approach is acquiring any interest the appraisal problem. essential to get the best results for the client. The in real property, the minimum number of experts recommended is Agency shall offer to three: the real estate appraiser, the fixture acquire at least an appraiser, and the relocation expert. equal interest in all buildings, structures, or other The allocation of property components to improvements located upon the real property to be owner or tenant and the decision as to which acquired,which it requires to be removed or which expert handles which components rests most it determines will be adversely affected by the use to often with the real estate appraisers. It is essen- which such real property will be put. This shall tial that the real estate appraiser be knowledge- VOLUME 7, NUMBER 1 SPRING 2002 VALUATION VIEWPOINT 13