Chapter
1 Appraisal and Property Requirements Unique Properties: Excess
Land, Page 1-17c
Excess
land is defined as that which is larger than what is typical in
the neighborhood AND capable of a separate use. Generally, the excess
portion can be subdivided and marketed as an individual parcel.
However, in small communities and outlying areas, appraisers must
use different criteria because the market may accept a wide variance
in lot sizes. If the plot contains excess land, the appraiser should
describe it but not value it. In this instance, the appraisal is
based upon a hypothetical condition. A legal description of the
portion being appraised is required. The lender will require that
the excess land be excluded from the mortgage security.
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