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Probate Valuation higher than price offered

  • 05-10-2015 8:48pm
    #1
    greenpaddy
    Registered Users, Registered Users 2 Posts: 1 ✭


    I wonder if anyone can help. My mum died in June and for "probate purposes a value was obtained for 185,000 Euros. My sister's circumstances then changed and she wants to buy the house. The valuations she has obtained are less than this an average of the three she obtained is 165,000 Euros. Will there be implications regarding inland revenue with this. The estate is divided between 5 of us and there are debts on the account totalling approx 50,000 Euros.


Comments

  • #2
    stringy
    Registered Users, Registered Users 2 Posts: 652 ✭✭✭stringy


    greenpaddy wrote: »
    I wonder if anyone can help. My mum died in June and for "probate purposes a value was obtained for 185,000 Euros. My sister's circumstances then changed and she wants to buy the house. The valuations she has obtained are less than this an average of the three she obtained is 165,000 Euros. Will there be implications regarding inland revenue with this. The estate is divided between 5 of us and there are debts on the account totalling approx 50,000 Euros.

    No it should not cause difficulty, regularly where a property is valued for the purposes of the Inland Revenue Affidavit and subsequent grant of Probate, the value will differ, with a fluctuating property market and the by time the house is actually sold. It can go either way, increase/decrease.


  • #3
    Sala
    Registered Users, Registered Users 2 Posts: 1,494 ✭✭✭Sala


    Difference in valuations / sale prices are common. The probate office actually has a form for this - the ca24 is The inland revenue affidavit and they have another corrective affidavit (maybe ca26?). Never used one but I presume they would be used more for wild swings in value - ie share prices crashed, ca24 completed in 2007, house not on market until 2010 or something. But the option is there.


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