Home Appraisal
A professional assessment of a home's fair market value, typically required when dividing real estate in a divorce.
Understanding Home Appraisal
A certified appraiser inspects the property, evaluates its condition, compares it to recent sales of similar homes in the area, and produces a written report with an estimated value. Both spouses may hire separate appraisers if they disagree on value, and the court may order a third independent appraisal. The appraisal determines how much equity exists in the home and what a fair buyout amount would be. Home appraisals typically cost $300-$600 and are valid for a limited period.
Real-World Examples
Both spouses agreed to split the cost of a home appraisal, which valued the marital residence at $525,000 with $200,000 in equity.
Related Terms
The price a willing buyer would pay a willing seller for an asset, with both having reasonable knowledge of the relevant facts.
Marital HomeThe primary residence where the married couple lived together, often the most valuable and emotionally significant asset in a divorce.
Homestead ExemptionA legal provision that protects a portion of the value of a primary residence from creditors and may affect property division in divorce.
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This definition is provided for educational purposes only and does not constitute legal advice. Divorce laws and terminology may vary by state and jurisdiction.
Always consult a licensed attorney in your area for advice specific to your situation.