Legal Question in Real Estate Law in California
This is regarding real estate. There are currently three brothers on the deed of a property. Two of the brothers will be coming off the deed with the remaining brother buying the other two out. The brother buying our shares, set the price of sell without providing us with an appraisal of the property. The price is included on the escrow papers we received without an appraisal worksheet included to determine how the amount was arrived at. The cost for the appraisel ($350) is shown on the excrow papers to be split among the three brothers. We have asked to see the appraisal but the excrow officer says she doesn't have it and was not given it. Aren't the reamining two brothers (the sellers) entitled to see the appraisal? Thanks.
2 Answers from Attorneys
There is a rule that states that you are to be provided a copy of an appraisal report in California. There is also a rule that states that you are entitled to copies of the escrow documents if you are a party to the escrow.
Roach is wrong again. The right to a copy of the appraisal is if your lender orders the appraisal for a transaction involving you taking out a loan secured by the property. He also clearly didn't read your question since you already said the appraisal is not in the hands of the escrow officer.
Now to answer your actual question, it depends on the terms of your buy out agreement. Unless it provides that he is allowed to get a secret appraisal, however, I don't see how he can force you to close escrow until he shows you the appraisal. So I would simply tell him that you refuse to go through with closing the sale until you see the appraisal.
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