Determining the Value of the Home Upon Separation
A separating couple may wish to jointly hire an appraiser or real estate agent in order to determine the value of the matrimonial home. A certified real estate appraiser’s valuation will be more accurate, but it will be more expensive to obtain, whereas a real estate agent’s letter of opinion will reflect a fair market value. Parties may also co-list the home with their own respective realtors.
From the determined value of the matrimonial home, if a spouse is buying out the other side, adjustments may be made to account for realtor fees, real estate lawyer feels, and HST – this is because both sides would be equally responsible if the house were being sold. This will account for the fees and costs that will eventually be incurred by the spouse who is staying in the house, if they ever decide to sell in the future.
If a spouse does not agree with the appraised value, they can hire a separate appraiser to provide a competing valuation, and the Court may have to decide which valuation is more accurate. A family lawyer can assist you in negotiating the best value of the home for your case.