What does the term "subject property" refer to?

The term "subject property" specifically refers to the property on which a mortgage is sought. This encompasses the property that is being evaluated or considered for financing arrangements and may also be the focus during various real estate transactions, such as appraisals or inspections. In the context of real estate, it highlights the property that is central to the transaction or assessment being discussed.

For example, when a buyer is looking to secure a loan, the subject property is the one that will be financed. It becomes crucial for lenders to assess the subject property to determine its value, potential risk, and suitability for the loan being requested. This terminology is standard in the industry, ensuring clarity regarding which property is under consideration.

Other terms mentioned—such as property being sold, land being appraised, and property of the seller—refer to different aspects of real estate transactions and do not specifically define what the "subject property" is in the context of obtaining a mortgage or conducting an appraisal.