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<br />MARKET VALUE DEFINED <br /> <br />I <br />I <br />I <br />./ <br />I <br />r <br />! <br /> <br />The most probable price which a property should bring in a competitive and open market <br />under all conditions requisite to a fair sale,. the buyer and seller each acting prudently and <br />knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in. this <br />definition is the consummation of a sale as of a specified date and the passing of title from seller <br />to buyer under conditions whereby: <br /> <br />1. buyer and seller are typically motivated; <br /> <br />2. both parties are well informed or well advised, and acting in what they consider <br />their best interest; <br /> <br />3. a reasonable time is allowed for exposure in the open market; . <br /> <br />4. payment is made in terms of cash in United States dollars or in terms offinancial <br />arrangements comparable thereto; and <br /> <br />5. the price represents the normal consideration for the property sold unaffected by <br />special or creative financing or sales concessions granted by anyone associated <br />with the sale. <br /> <br />I <br />f . <br /> <br />PROPERTY RIGHTS APPRAISED <br /> <br />The property rights appraised are of the Fee Simple Estate subject to title report <br />exceptions. Fee simple is defined as follows: <br /> <br />Absoluie ownership unencumbered by any other interest or estate subject only to the four <br />powers of government. <br /> <br />13 <br />