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KJL LAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 633
Experience:  Attorney at Law Office of KJLLAW
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What is the law when a city is offering to purchase private

Customer Question

What is the law when a city is offering to purchase private property as far as the # ***** appraisals needed, does it matter who gets the appraisals and the limit they can pay based on the appraisals? We were offered an amount based on their appraisal, we got our own appraisal and now they are saying they can't pay more than their appraisal.
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  KJL LAW replied 5 months ago.
Good afternoon. The city purchase of property would be governed by the contract. If you signed a contract then, the terms including who obtains and pays for the appraisal should be in the contract. The appraisal is an estimate, based upon the real estate appraisers opinion. If you did not sign a contract there is nothing in the law that you have to go by their appraisal. If it is not contracted, then it is a negotiable clause and issue. You should push the issue, and have them come up in the price they are willing to pay for the property.I hope this helps.

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