It is inevitable. Real Estate taxes go up and stay up. So what happens if prospective buyers think (as it turns out incorrectly) that the real estate taxes on their dream house were reduced several thousand dollars from a previous level, when if fact the taxes remained unchanged?
Real estate appraisals play an important part in real estate litigation, that is why it is important to have a qualified and experienced appraiser as part of the team when a question arises over the value of a property.
"We have a deal" says the Sellers' real estate agent.
Was your home built before 1980? It may have a hidden problem that will prevent you from selling! Lead-Based paint is a well known hazard to the health of children and to pregnant women that was used extensively in pre-1980 homes. Exposure to such paint can lead to lead poisoning.
The building in Brooklyn was beautiful. It commanded a hefty price - 3.2 million dollars. The people buying this property hired a buyer's agent and presumably, hired a real estate lawyer to handle the closing. In a transaction involving this amount of money, one would think that the agent and lawyer would be very careful to make sure there were no hidden problems - little things like say, an easement forever prohibiting the owner from making any changes to the building's facade without the express written consent of the National Architectural Trust, Inc. Unfortunately, either the agent, the lawyer, or both missed this little detail and when it came the purchaser's attention later on, one would imagine that the purchaser was none too happy.