What Is The Difference In A Real Estate Appraisal, A Property Survey And A Home Inspection, And Do I Need All Three?
A real estate appraisal is an opinion of fair market value of a particular piece of property. The appraisal MUST be done by a licensed professional who visits the property. The appraiser may calculate square footage of the dwelling, look at its general condition, compare it to other comparable sales in the area, compare features with comparable properties, analyze market conditions and arrive at a value for the property. The appraiser does not review the same features as a home inspector. A property survey is drawing of property boundaries with a depiction of the boundaries, structures, fences, easements and other features shown on the drawing. The drawing, to be called a survey, MUST be done by a licensed surveyor. In the typical residential real estate transaction, a product known as a mortgage loan inspection is substituted for a survey. It is not required in Tennessee that a surveyor prepare the mortgage loan inspection however in this area most are done by surveyors. A home inspec
