Indiana Code 24-5-23.5-1. “Appraisal”
Current as of: 2023 | Check for updates
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Sec. 1. (a) As used in this chapter, “appraisal” means an estimation that:
(2) serves as the basis for the extension of credit, in the case of a real estate transaction involving the making, refinancing, or consolidation of a mortgage loan.
(1) represents the final opinion of the value of real property that is the subject of a real estate transaction; and
Terms Used In Indiana Code 24-5-23.5-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- real estate transaction: means a transaction that involves one (1) or both of the following:
Indiana Code 24-5-23.5-6
(b) The term may include any of the following:
(1) The results of an automated valuation model.
(2) A broker’s price opinion.
(3) A desktop evaluation.
As added by P.L.52-2009, SEC.2.