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Appraisal Dispute |
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Hi,
My husband is a doctor who was a part owner of the office building and surgery center where he practiced with three other partners. He is now separated from them and is in the process of being bought out. There was an appraisal done on the property. It turns out that there is a discrepency between the actual rent premium the partners have been paying for years versus what the rent contract says the rent is suppposed to be. The appraisal is based on the contract rent rate which is actually only half of what the actual rent rate is. We are saying that the appraisal should be based on the actual rent rate. They are saying that there is no guarantee of higher rent since there is no written contract. In reality, we all know that they profit more by keeping the rent higher so it is unlikely that they will ever lower the rent. Nevertheless, my attorney doesn't think we can go too much further with this since there is no written contract about the higher premium. Typically, I would agree. However, in this case, shouldn't the proof of actual payment be more creditable than the written contract that was not updated since the landlord and tenant are the same peple.
I would appreciate your insight on this.
Thank you,
Susan Danforth |
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In cases like this, sometimes each party chooses an appraiser, with an agreement that the buyout will be based on an average of the estimates. Or you may simply want to contact another highly qualified certified appraiser, someone who does court appearances as an expert witness, for a written opinion on the dispute.
Let me know what happens; I'm interested. |
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Edith
Originally published on May 22, 2008 |
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