Maryland Code, REAL PROPERTY 14-707
Terms Used In Maryland Code, REAL PROPERTY 14-707
- Appraisal: A determination of property value.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) The court may accept a previously completed appraisal filed with the court as evidence of value provided that:
(1) The appraisal is dated not earlier than 6 months before the filing of the partition action;
(2) The appraisal was completed by a disinterested real estate appraiser licensed in the State; and
(3) No party objects to the appraised value.
(c) If all cotenants have agreed to the value of the property or to another method of valuation, the court shall adopt that value or the value produced by the agreed method of valuation.
(d) If the court determines that the evidentiary value of an appraisal is outweighed by the cost of the appraisal and no previously completed appraisal was filed under subsection (b) of this section, the court, after an evidentiary hearing, shall determine the fair market value of the property and send notice to the parties of the value.
(e) (1) If the court orders an appraisal under subsection (a) of this section, the court shall appoint a disinterested real estate appraiser licensed in the State to determine the fair market value of the property assuming sole ownership of the fee simple estate.
(2) On completion of the appraisal, the appraiser shall file a sworn or verified appraisal with the court.
(f) If an appraisal is conducted under subsection (a) of this section or filed with the court under subsection (b) of this section, not later than 10 days after the appraisal is filed, the court shall send notice to each party with a known address, stating:
(1) The appraised fair market value of the property;
(2) That the appraisal is available at the office of the clerk; and
(3) That a party may file with the court an objection to the appraisal not later than 30 days after the notice is sent, stating the grounds for the objection.
(g) (1) If an appraisal is filed with the court under subsection (e) of this section, the court shall conduct a hearing to determine the fair market value of the property not sooner than 30 days after a copy of the notice of the appraisal is sent to each party under subsection (f) of this section, whether or not an objection to the appraisal is filed under subsection (f)(3) of this section.
(2) In addition to an appraisal described under subsection (a) or (b) of this section, the court may consider any other evidence of value offered by a party.
(h) After a hearing under subsection (g) of this section, but before considering the merits of the partition action, the court shall determine the fair market value of the property and send notice to the parties of the value.