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DEFINITIONS <br />MARKET VALUE - The most probable price which a property should bring in a competitive and open <br />market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, <br />knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the <br />consummation of a sale as of a specified date and the passing of title from seller to buyer under <br />conditions whereby: <br />(A) buyer and seller are typically motivated; <br />(B) both parties are well informed or well advised, and each acting in what they consider their <br />own best interest; <br />(C) a reasonable time is allowed for exposure in the open market; <br />(D) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements <br />comparable thereto; and <br />(E) the price represents the normal consideration for the property sold, unaffected by special or <br />creative financing or sales concessions granted by anyone associated with the sale. <br />Source: Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute <br />