By Mark Silver Esq.
Selling? Buying? Refinancing? Tax Assessment Appeal? Condemned?
When establishing a value for commercial real estate, a qualified and experienced PA Certified real estate appraiser is essential. You should engage a professional appraiser who has been certified as a MAI, SRPA or SREA and will comply with the Uniform Standards of Professional Appraisal Practice.
You can help facilitate the process by gathering documentation including: two years of gross revenue; operating and maintenance expenses; real estate taxes; vacancy history; costs of recent improvements and/or major repairs to the land or structure(s).
In order to support their estimate of value, the appraiser may utilize one (or more) valuation approaches including: market (sales comparison); cost in limited instances; or income. If more complex issues arise, the appraiser should work with an experienced real estate attorney to assure a comprehensive appraisal that supports the opinion of value.
If you would like to discuss your commercial real estate legal concerns, contact Mark Silver, Esq by phone at (717) 232-5000 or by email at firstname.lastname@example.org.