California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 4 — Loan, Chapter 4 — Shared Appreciation Loans of E.R.I.S.A. Pension Funds, Article 4 — Annual Appraisals, Section 1917.040
The fair market value of the real property securing a shared appreciation loan shall be determined annually as provided in this article. The lender shall select an independent appraiser annually to perform an appraisal of the property subject to a shared appreciation loan. The appraisal shall be performed within 30 days preceding the anniversary date of the loan and a copy of the current appraisal shall be sent by first-class mail to the borrower no later than five days following the anniversary date of the loan, together with a notice informing the borrower that the appraisal will constitute a final and conclusive determination of the value of the property for certain purposes and that if the borrower disputes the amount of the appraisal, the borrower may procure an independent appraisal as provided in Section 1917.041. The lender may require the borrower to pay for the cost of the appraisal.
Notes
Requires annual appraisal of property securing a shared appreciation loan by an independent appraiser selected by the lender. The appraisal must occur within 30 days before the loan anniversary, and the lender must mail a copy no later than five days after the anniversary with notice that value becomes final unless the borrower obtains an independent appraisal.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 1917.040 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-4/chapter-4/article-4/section-1917-040