If you are purchasing a commercial property in Texas, it is critical to its success that the price you are paying is a fair one for you. Transactions for commercial properties typically involve large sale prices and this is why having an accurate valuation of the property is important. If you are obtaining financing for the property, then the lender usually requires a valuation be completed for the property by a professional real estate appraiser. Your real estate lawyer should be able to provide you with recommendations.
A professional appraiser must have specialized training and/or education and should be licensed. Many appraisers are also certified by professional appraiser organizations. Keep in mind that a real estate broker is not usually considered an appraiser, although they may have the necessary training and licensing. This is one reason why the price of the property may be different than the actual price the appraiser comes up with.
Professional appraisals usually choose one of three methods for determining a commercial property’s value:
The method the appraiser uses will depend on the type of property you are considering purchasing and how you plan on using that property if you do purchase.
Real Estate Disputes in Cypress, TX
As your Cypress, TX real estate lawyer can explain, another reason a client may need an appraiser is to settle commercial real estate disputes. If the dispute results in legal action, there can be multiple appraisals done, resulting in the court having to decide which appraisal and which value should be used to determine the outcome of the dispute.
Call Our Real Estate Firm Today
Whether you are considering purchasing a new commercial or residential property or you are having a legal issue regarding one you already own, Winfrey Law Firm, PLLC has the legal expertise to make sure you are protected. Call our office today to schedule a consultation with one of our experienced real estate attorneys and find out how we can help.