Property value refers to the overall worth of a building or plot of land at the time it is sold or transferred. The value of a property may be subject to constant fluctuation due to factors such as:
- Wear and tear
- Neighborhood and community development
- Additions, repairs, or renovations made to the property
- Changes in local zoning laws
Other factors might also influence property value. For instance, a home that has been owned by many different people over time might receive a different valuation from a home that has never been occupied before. Local prices and markets will also affect property value. In most cases, the property value will not be exactly equal to the actual selling price.
In most cases, hiring a property appraiser is necessary for determining the value of a property. This is a person who is trained in estimating the value of the house by performing and in-depth inspection of the premises. The appraiser will be looking for issues such as structural damage, alterations made to the property, and boundary lines, in order to determine the approximate value of the home. They will also consider similar properties located in the same vicinity. In some instances, both the seller and the buyer may hire their own individual appraiser in order to arrive at a mutual understanding regarding the value of the property.
Some common disputes over property values include:
- Failure to disclose any defects or issues with the property that might lower its worth.
- Sudden changes in market conditions (such as a recent natural disaster in the area, or a sudden increase in local crime rates).
- Breach of contract (for instance, agreeing to a certain property price, then attempting to change the value at the last minute).
- Disputes over whether the title is marketable or not.
Thus, one of the main things to look out for in a property value dispute is that of fraud or misrepresentation. If any party misrepresents the value of the property, or any other aspect, it may affect the sales transaction. Also, such fraud can lead to various other legal consequences.
Usually, a monetary damages award may be appropriate in the event of a conflict over property values. This would help the non-violating party to recover losses related to the dispute. They would need to be able to prove their losses however; this may require the presentation of various documents and other evidence. Other disputes may involve an alteration of the property or a re-arranging of boundary lines.
Property value disputes can often be complicated and may require the expertise of a lawyer. You may need to hire a real estate attorney near you if you need help resolving a property dispute. Your attorney can research the local laws in your area to determine what rights and options you have regarding the property. Also, if you need to file a lawsuit for damages or other remedies, your lawyer can help represent you during the court hearings.