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Appraisal commissioned to resolve purchase-price dispute must conform to professional standards.

Publication: Appraisal Journal
Publication Date: 22-MAR-09
Format: Online
Delivery: Immediate Online Access
Full Article Title: Appraisal commissioned to resolve purchase-price dispute must conform to professional standards.(Recent Court Decisions)

Article Excerpt
When parties agree to base a purchase price on a professional appraisal, they will be bound only by an appraisal that conforms to professional standards, according to the Court of Appeals of Arizona.

Swain Chapman owns 12.57% of a partnership whose primary asset is a leasehold interest in a building called The Westerner. In 2003, the partnership agreed to buy Chapman's...

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