As The Orange County (CA) Register explains in "Splitting up property is hard to do," being level-headed, open-minded, and empathetic can really improve your odds of avoiding protracted litigation to force a sale of property. The process is termed a partition action.
If you are really interested in getting to a fair property value for all concerned, there's a formula for the situation where one party wants to purchase the other party's share and keep the property. In that case, each party chooses one appraiser, and each conducts his or her own appraisals. Then the two appraisers agree on a third appraiser to do another appraisal. The final value is an average of the two appraised values closest to each other.
Here's an example of how this works. Partner A's appraiser determines that the value is $650,000, and Partner B's appraiser values the property at $745,000. Then, the mutually-chosen appraiser conducts her appraisal and determines that the value is $690,000. The closest value to the third appraiser's estimate is by Partner A's appraiser: $650,000. The average of the two is $670,000. Party B's appraisal is thrown out.
This type of methodology makes both appraisers reasonable so that their value isn't the one that's knocked out. A qualified estate planning attorney can help shepherd this process and refer you to appraisers as needed.
One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. Call our office today to schedule a time for us to sit down and talk about your estate plan, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: Orange County (CA) Register "Splitting up property is hard to do"