The value of your property may have significantly deviated since your purchase date. And without much knowledge of the current real estate market, you do not want to underprice or overprice your property when it comes time to sell it. This is when a property valuation may come in handy if done so fairly. Continue reading to learn how property valuation disputes occur and how an experienced New York City real estate attorney at Zimmet Law Group, P.C. can help you resolve one.
What is a property valuation?
As the name suggests, a property valuation assesses your property’s value. This is typically conducted by a professional surveyor, who may take notes and photographs of the following:
- Notes on your property’s notable attributes (i.e., number of bedrooms and bathrooms, renovations since your purchase, etc).
- Notes on the location of your property and a comparison to similar properties in the area.
- Notes on the age of your property, its wear and tear, and its overall condition.
- Notes on the potential for future development your property has to offer.
- Photos of the room layout in your property, portraying the size of its interior space.
- Photos of the front yard and backyard, portraying the size of its exterior space.
Soon after this inspection, a professional surveyor may send you a valuation report. You should use the number disclosed in this report to price your property, should you ever decide to put it on the market.
Under what circumstances do property valuation disputes occur?
Understandably, there may be circumstances in which you do not agree with the results of your property valuation. This may prompt you to dispute it. More specifically, you may dispute it under the following circumstances:
- You may dispute your property valuation if a professional surveyor made accidental mistakes in their valuation report:
- They made erroneous calculations on your property’s square footage.
- They disclosed the wrong number of bedrooms or bathrooms.
- They mistakenly mentioned property flaws that do not exist.
- You may dispute your property valuation if a professional surveyor committed absolute fraud in their valuation report:
- They colluded with a real estate business to inflate your property’s value for their personal profit.
- You may dispute your property valuation if a professional surveyor did not apply the proper laws to their valuation report:
- They applied a law from a different jurisdiction to value your property.
Under any of the aforementioned circumstances, legal counsel well-versed in New York State real estate law may be necessary to resolve the dispute. This is all to say that the time to act is now. So please pick up the phone and contact a skilled New York City real estate attorney from Zimmet Law Group, P.C. We look forward to hearing from you.
