Legal Question in Real Estate Law in California
Reappraisal of land
A parcel of land was valued at $70,000 on June 1, 2005. The land's value was based on the presence of a working water well which was located on the property. Two years later, the land was sold (July 2, 2007) based on the $70,000 appraisal. Two months later, the water well broke, leaving the value of the land at almost nothing. Can the purchaser of the land recover the money he lost as a result of the purchase? In other words, can he insist upon a reappraisal of the land (even though the land was sold at the price at which it was originally appraised) and receive reimbursement for moneys paid? There was no fraud involved-the well was working perfectly at the time the land was appraised.
1 Answer from Attorneys
Re: Reappraisal of land
It depends entirely upon what you mean by "the well broke." Wells don't break; they may run dry, or the pump may burn out, but "breakage" as it is ordinarily meant simply doesn't fit most water well situations. What really happened?
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Qpert What is a qpert?? Asked 11/13/07, 9:41 pm in United States California Real Estate and Real Property
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