Legal Question in Real Estate Law in California
which value is used to determine equity of land in co ownership, the land appraisal at the construction loan prior to building or the land value appraisal at final after the home is built? The value came in high and now the partner that sold the lot at a lower cost to expedite the project ($150k), wants the final value ($500k) and i am offering the construction loan appraisal at start up ($300k)? Which number do we use in determing equity in whole project?
2 Answers from Attorneys
If I understand the question correctly, the co-owner who sold prior to the construction must accept the price paid, or at least the valuation accepted, at the time the sale deal was put together. Why should someone who has been bought out participate in appreciation that occurs afterwards?
You post does not make any sense.
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