What Does The Definition Of “Market Value” Say?
DEFINITION OF MARKET VALUE (this definition is of only one of several) …The definition of “market value” in its strictest sense is the most probable price 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 are 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, and each acting in what he considers his own best interest; 3.) a reasonable time is allowed for exposure in the open market; 4.) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; 5.) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales conce
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