Md. R. Prop. Act'n 12-406
Except as set forth in section (b) of this Rule, the court shall determine the fair market value of the property by ordering a sworn or verified appraisal from a disinterested real estate appraiser licensed in the State. The real estate appraiser shall file a copy of the sworn or verified appraisal with the court. The court may allocate the costs of the appraisal among the parties.
Cross reference: See Code, Real Property Article, §§ 14-707(a) and (e).
A previously completed appraisal may be filed as evidence of fair market value if the appraisal is dated not earlier than six months prior to the filing of the complaint seeking partition and the appraisal was completed by a disinterested real estate appraiser licensed in the State. When a previously completed appraisal is filed, the court shall direct the clerk to send notice pursuant to section (c) of this Rule.
If no party objects to the appraised value, the court may accept a previously completed appraisal filed with the court as evidence of fair market value.
If a party objects to the appraised value, the court shall conduct a hearing to determine the fair market value of the property pursuant to section (d) of this Rule. Cross reference: See Code, Real Property Article, § 14-707(b).
If all cotenants have agreed to the fair market value of the property or to a method of valuation, the court shall adopt the agreed-upon fair market value or the value produced by the agreed-upon method of valuation. Cross reference: See Code, Real Property Article, § 14-707(c).
If the cotenants do not agree on a valuation, or to a method of valuation, and 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)(1) of this Rule, the court, after holding a hearing pursuant to section (d) of this Rule, shall determine the fair market value of the property and direct the clerk to send notice to the parties of the fair market value determination.
Cross reference: See Code, Real Property Article, § 14-707(d).
If an appraisal is obtained under section (a) or filed pursuant to subsection (b)(1) of this Rule, not later than ten days after the appraisal is filed, the court shall direct the clerk to send notice to each party with a known address stating:
Cross reference: See Code, Real Property Article, § 14-707(f).
If an appraisal is filed with the court pursuant to section (a) of this Rule, if a party objects to an appraisal filed pursuant to subsection (b)(1) of this Rule, or if the court determines that the evidentiary value of an appraisal is outweighed by the cost of the appraisal pursuant to subsection (b)(3) of this Rule, the court shall conduct a hearing to determine the fair market value of the property. If an appraisal was filed, the hearing shall be held no sooner than 30 days after a copy of the notice of appraisal is sent to each party pursuant to section (c) of this Rule.
At the hearing, the court may consider an appraisal filed with the court pursuant to this Rule and any other evidence of valuation offered by a party.
After a valuation hearing is concluded, but prior to considering the merits of a complaint seeking partition, the court shall determine the fair market value of the property.
If no valuation hearing was held pursuant to section (d) of this Rule, prior to considering the merits of a complaint seeking partition, the court shall adopt either (A) the valuation based on a previously completed appraisal that meets the criteria set forth in subsection (b)(1) of this Rule and that has not been objected to by any party, or (B) the valuation that the parties have agreed upon pursuant to subsection (b)(2) of this Rule.
The court shall direct the clerk to send notice to the parties of the value determined under subsection (e)(1) of this Rule or adopted under subsection (e)(2) of this Rule.
Md. R. Prop. Act'n 12-406
This Rule is new.
See Code, Real Property Article, §§ 14-707(g)-(h).