MARKET VALUE

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The most probable price at which a property should bring 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 specific date and the passing of title from seller to buyer under conditions whereby:

  • Buyer and seller are typically motivated;
  • Both parties are well-informed or well-advised, and each acting in what he/she considers his/her own best interest;
  • A reasonable time is allowed for exposure in the open market;
  • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto;
  • 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.