Are you in the middle of a real estate dispute? When it comes to real estate litigation, having an expert witness to testify on your behalf can make all the difference in your case.
In the legal system, expert witnesses can play a major role in the outcome of a case. This remains true not only in criminal cases, but in Arkansas real estate disputes as well. By having a solid understanding of what a real estate expert witness is, the role they play in a case, and the types of fees they charge, you can make an informed decision on whether you should source one for your own case. Real estate expert witness fees are relatively nominal compared to the crucial role an expert witness can play in the outcome of your real estate dispute.
What Is a Real Estate Expert Witness?
A real estate expert witness is an impartial professional who is considered an expert in the field. They can provide testimony on numerous aspects of a real estate dispute. For example, an expert witness may be brought in to provide a detailed report on property damages or to testify on the appraisal value of a home.
There are a wide variety of situations where a real estate expert witness could help your case. If a natural disaster seriously damages your property, an expert witness may need to be called in to testify on the pre-damage value of the property. This could be a key testimony that helps you reach an adequate and fair insurance settlement.
It is also common for real estate expert witnesses to be brought in during divorce legal proceedings. When assets are being split up between the divorcing parties, the value of the home shared by the couple will need to be taken into account. Testimony from an expert witness may help the judge to determine a fair settlement for both parties. The outcome of a case could more than pay for the real estate expert witness fees that provided your case with a factual, unbiased testimony.
How Much Do Expert Witnesses Charge?
Real estate expert witness fees can vary from state to state and region to region. However, most will charge by the hour, and then charge separate hourly rates for case review, deposition, and court testimony. In Arkansas, the average hourly rates for real estate expert witness are less than many surrounding states:
- Case review: $289
- Deposition: $352
- Testimony: $355
The per-hour charge on a case review is simply the charges you will incur by hiring a real estate expert witness to review and assess the details of your case. From there, the court may require expert witnesses to come in for a deposition prior to the court date (this can vary on a case-by-case basis). In the event that the case does go to court and your expert witness does testify, hourly testimony charges will apply.
Hiring a Real Estate Expert Witness
If you are involved in a legal dispute that involves real estate, then it will likely be in your best interest to contact an expert witness from an experienced and reputable valuation firm that has specific experience in local real estate laws and property values. A dispute over a commercial real estate contract typically involves arbitration, mediation, or small claims court. A real estate expert witness will help you be better equipped to present your side of the case and you will have a trusted professional available to testify in court. The outcome of your case could very well depend on this expertise.
If you are involved in a real estate dispute and need a real estate expert witness in Arkansas, contact Ferstl Valuation Services at 501.313.0641 to schedule an appointment.
