Legal Question in Real Estate Law in Puerto Rico
value vs selling price
my dad past away leaving no will behind in puerto rico. we need to sell everything and divide it among the heirs. my question is if a property was valued at 42,000.however it was sold for much less, do we need to come up with the difference between the valued price and the sold price, to be divided among the heirs? or do we divide it at the sold price?
2 Answers from Attorneys
Re: value vs selling price
If there are no more proceeds from the sale, you should divide the sale price. However, if any of the heirs failed to approve the sale, or claims to have been misinformed as to the appraisal value of the property, the he might have a claim for compensation for his part of the portion of the value that was waived.
Re: value vs selling price
Your question is very vague. First, in order to better answer your question, where is your father's property located. Second, for what purpose are you valuing the house. i.e. If the property is located in PA you will owe Inheritance Tax.
Feel free to email me the additional information, or if you prefer you can call me at no charge 412.731.0865. I do give free consultations.
I look forward to hearing from you so I can better answer your question.
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