What is market value?

 

Market value or fair market value is the most probable price that a property should bring (will sell for) in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

  1. buyer and seller are typically motivated;

  2. both parties are well informed or well advised;

  3. a reasonable time is allowed for exposure to the open market;

  4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and

  5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

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