Property valuation is the process by which the worth of a piece of property is determined. It is sometimes called a property assessment, and usually takes place in connection with the purchase and sale of a residence.
Valuation may be done by a private party, as when a real estate company hires a property appraiser to determine the sale price of a home. Or, it can be done by a government agent, as when the county needs to determine the worth of a home for tax purposes.
A property valuation conflict can occur when one or more parties disagree with the value property after the appraisal property. In most cases, it is the homeowner disagreeing with a property appraiser because the value is either listed as too high or too low compared with market prices. If not dealt with properly, property valuation conflicts can delay or even prevent a real estate sale from happening.
Property valuation conflicts can arise due to many different circumstances and factors. Some common sources of property valuation conflicts may include:
While valuation conflicts are best handled with the assistance of a lawyer, there are several steps you can take to educate yourself and to prepare for an upcoming trial if necessary. For example, you should:
If you are unable to resolve the conflict through an agreement with the other party, it may be necessary to file a legal claim. This may result in a monetary damages award to reimburse you for your economic losses caused by the dispute. In serious cases, criminal consequences will result for parties that violate state or federal criminal laws.
If you are unsure of any legal matters pertaining to your property, it may be in your best interests to consult with a lawyer. Your attorney can help explain how the laws in your area affect your property valuation. In the event that you need to file a lawsuit or other type of legal action, your attorney can provide you with expert representation during court hearings.
Last Modified: 07-21-2015 02:56 PM PDTLaw Library Disclaimer
We've helped more than 4 million clients find the right lawyer – for free. Present your case online in minutes. LegalMatch matches you to pre-screened lawyers in your city or county based on the specifics of your case. Within 24 hours experienced local lawyers review it and evaluate if you have a solid case. If so, attorneys respond with an offer to represent you that includes a full attorney profile with details on their fee structure, background, and ratings by other LegalMatch users so you can decide if they're the right lawyer for you.