source:
  type: guide
  id: fnma-sel-b4-1.3-02
  authority: Fannie Mae Selling Guide B4-1.3-02 — Subject and Contract Sections of
    the Appraisal Report
  description: Fannie Mae Selling Guide B4-1.3-02 — Subject and Contract Sections
    of the Appraisal Report.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-1.3-02-full
  canonical_id: fnma-sel-b4-1.3-02-full
  section: Fannie Mae Selling Guide B4-1.3-02 — Subject and Contract Sections of the
    Appraisal Report
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-1.3-02 — Subject and Contract Sections
      of the Appraisal Report
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B4-1.3-02, Subject and Contract Sections of the Appraisal Report
      (06/04/2025) Introduction This topic contains information on reviewing the Subject
      and Contract sections of the appraisal report form, including: Subject Section
      Contract Section Uniform Appraisal Dataset (UAD) 3.6 Policy Subject Section
      The appraiser must identify the subject property by its complete property address
      and legal description. The appraiser must enter the physical property address,
      including the unit number for a condo, in a format that conforms to the United
      States Postal Service (USPS) address standards in Publication 28 – Postal Addressing
      Standards (pub28) for complete addresses. Address standards can be found at
      usps.com. The subject address must be populated consistently throughout the
      form. When the legal description is lengthy, the appraiser may attach the full
      legal description as an addendum to the appraisal report. The appraiser must
      also identify the property rights to be appraised. (For eligibility requirements,
      see B2-3-01, General Property Eligibility.) Fannie Mae''s appraisal report forms
      require the appraiser to research and identify whether the subject property
      is currently for sale or if it has been oﬀered for sale in the 12 months prior
      to the eﬀective date of the appraisal by selecting either the ‘Yes’ or the ‘No’
      checkbox. If the answer is ‘No,’ the data source(s) used must be provided. If
      the answer is ‘Yes,’ the appraiser must report on each occurrence or listing
      and provide the following information: oﬀering price(s), oﬀering date(s), and
      data source(s) used. For example, if the subject property is currently listed
      for sale and was previously listed eight months ago, the Published May 6, 2026
      553 appraiser must report on both oﬀerings. Note: For appraisals required to
      be UAD compliant, Days on Market (DOM) must be reported. See Fannie Mae and
      Freddie Mac Uniform Appraisal Dataset Speciﬁcation, Appendix D: Field-Speciﬁc
      Standardization Requirements, and the associated FAQ’s, for additional information
      and examples regarding these topics. Contract Section The lender must provide
      the appraiser with a copy of the complete, ratiﬁed contract. The appraiser must
      indicate whether an analysis was or was not performed on the contract for sale.
      If an analysis was performed, the appraiser must provide the results of the
      analysis. If an analysis was not performed, the appraiser must provide an explanation
      why the analysis was not performed. For appraisals required to be UAD compliant,
      the appraiser must also indicate the type of sale for the transaction. The appraiser
      may report any other relevant information in this ﬁeld or elsewhere in the report
      regarding the sale type, including whether more than one sale type applies.
      The appraiser must enter an amount in the Contract Price ﬁeld if the Assignment
      Type is a purchase transaction. Contract price must be the same as the sales
      price for the subject property in the Sales Comparison Approach section; enter
      a contract date if the Assignment Type is a purchase transaction; and indicate
      if the property seller is the owner of record. The appraiser must indicate if
      there is any ﬁnancial assistance such as loan charges, sales concessions or
      gift, or down payment assistance to be paid by any party on behalf of the borrower,
      including any closing costs or other payments from the seller or other third
      party. If there is ﬁnancial assistance, the appraiser must report the total
      dollar amount of the loan charges or concessions that will be paid (if the appraiser
      is not able to determine a dollar amount for all or part of the ﬁnancial assistance,
      the number must reﬂect the total known dollar amount); and provide a description
      of the items being paid. Note: Financial assistance or concessions paid by any
      party on behalf of the borrower includes both monetary and non-monetary items,
      including below-market-rate mortgage ﬁnancing, gifts of personal property, and
      payment of property taxes or HOA dues for a period of time. See Fannie Mae and
      Freddie Mac Uniform Appraisal Dataset Speciﬁcation, Appendix D: Field-Speciﬁc
      Standardization Requirements, for additional information regarding the Contract
      Section, and B4-1.3-09, Adjustments to Comparable Sales, for additional information
      regarding evaluating sales or ﬁnancing concessions for comparables. Uniform
      Appraisal Dataset (UAD) 3.6 Policy Lenders using UAD 3.6 must follow the requirements
      in the UAD 3.6 Policy Supplement. Published May 6, 2026 554 Recent Related Announcements
      The table below provides references to recently issued Announcements that are
      related to this topic. Announcements Issue Date Announcement SEL-2025-04 June
      04, 2025'
  judgment: false
