PARTNERSHIPS

Do you own real estate with a partner? If so, you definitely have a need to determine its value for tax purposes as well as ownership distribution percentages. By having an appraisal performed upon purchase, you have a solid starting point for valuation purposes. You may have had an appraisal developed by your lender if you borrowed money. Beware however that you were not the client of the appraiser in that situation, the lender was. And, appraisals developed for mortgage purposes often times aren't as thorough as those for personal reasons. The reason is that the lender wants to make sure that you didn't overpay for the property in order to protect their interests. If you got a good deal and the property is worth much more, this often times doesn't show on an appraisal for mortgage purposes. The lender is just making sure that the appraised value covers the sales price. A good appraisal should show the true market value in any event, but in the real world you'll rarely see a mortgage appraisal showing the property worth much more than the sales price.

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