Plenty of disputes can come up when you’re trying to make a big commercial real estate deal. One of the most common is an appraisal dispute. All properties are appraised when they are being sold, but sometimes buyers and sellers have disagreements about the value of a property and how that can affect the selling price. Our Long Island, NY real estate litigation lawyers can come in at this point and help the buyer and seller come to a mutually beneficial agreement.
What is An Appraisal Dispute?
An appraisal dispute or property valuation argument can occur when a buyer and seller disagree about the value of the property. Such a dispute can easily hold up a deal or scuttle it completely.
Neither of those outcomes is ideal if you have already done a bunch of work to get to this point. So your best option is to try and solve this appraisal dispute.
It’s important to figure out what the source of the conflict really is. Is the appraiser undervaluing certain property features? Does the appraiser not have enough experience with this kind of commercial property or the local market? Did they not have enough information to make a valid appraisal? Once you know a bit more about how you and the other party arrived at different property valuations, you can start to solve the problem.
Do I Need a Lawyer to Handle an Appraisal Dispute?
Having a commercial real estate lawyer on your side is obviously a good idea if your appraisal dispute goes to court, but an attorney can be helpful before this point. They have knowledge of local laws and how properties should be appraised, so they can point out issues with the original appraisal or defend an appraiser’s work. A lawyer can also help you avoid litigation by bringing everyone to the negotiating table. If that fails, other methods of problem solving like mediation or arbitration can make it easy to find a solution without the need to go to court.
Can a Commercial Real Estate Lawyer Help With Tax-Related Issues?
A commercial real estate property will also be appraised by the city when its tax bill needs to be determined. Sometimes the tax accessor gets things wrong, giving the owners of such buildings a higher-than-expected tax burden that simply does not line up with the value of the property. A lawyer may be able to help you in situations like these as well.
Contact Our Law Firm
So if you are facing some issues in a commercial real estate deal and you need some backup who can tell you everything that you need to know about New York City laws and regulations, we are ready to help. Contact David A. Gallo & Associates LLP today and tell us more about your real estate agreement and what you need help with. One of our experienced attorneys can advocate on your behalf.