Property valuations can pose a number of potential conflicts, and sometimes parties end up disagreeing on the value of a property. There can be several reasons why these conflicts occur including accidental errors, fraud, and confusion of laws.
On occasion, people will disagree about the value of a property due to an inadvertent error in calculating the value. For example, the person performing the valuation may have calculated the square footage incorrectly or made some other accidental error.
Sometimes the error is not easy to identify and it requires someone well-versed in real estate law and property management law to identify the issue. These types of valuation conflicts can often be efficiently resolved by an attorney through identifying and correcting the accidental mistake.
Instances of Fraud
In some cases, one party will intentionally seek to misrepresent the value of a property in order to gain a financial advantage over another party. In these cases, it is important to consult with an experienced attorney to protect your rights.
By properly utilizing valuation experts and the court process when necessary, an experienced real estate attorney can expose the fraud and recover any damages incurred as a result, and hopefully, help you avoid them altogether.
Confusion of Laws
The laws regarding the valuation of property may be difficult for some people to understand. Property can be valued differently depending on the situation. For example, a property being sold by a private seller may be valued very differently from property that is being taken by the government through the process of eminent domain (when the government takes property and converts it to public use).
The laws regarding property valuation can be confusing, especially when one is not experienced in real estate law, and when two or more parties cannot agree on the law applicable to the valuation in a particular situation, it can be impossible for them to agree on the value. In these cases, an experienced real estate attorney can help you understand the applicable valuation laws and make sure that the property at issue is properly valued.
The Attorneys at Chesser & Barr, P.A. Are Here to Help
When property valuation conflicts arise, it is important to seek advice from a real estate attorney with experience in real estate law and property management law. At Chesser & Barr, P.A., we work to resolve legal issues efficiently while preparing to fight when necessary to protect our clients' legal rights.
We are experienced in real estate law and property management law and are here to help. Contact Chesser & Barr, P.A. today to schedule a no-fee consultation.