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Rental value is the fair market value of property while rented out in a lease. More generally, it may be the consideration paid under the lease for the right to occupy, or the royalties or return received by a lessor ( landlord ) under a license to real property . [ 1 ]
The fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Cas.
In the UK, real estate appraisal is known as property valuation and a real estate appraiser is a land valuer or property valuer (usually a qualified chartered surveyor who specializes in property valuation). [15] Property valuation in the UK is regulated by the Royal Institution of Chartered Surveyors (RICS), a professional body encompassing ...
This is simply the quotient of dividing the annual net operating income (NOI) by the appropriate capitalization rate (CAP rate). For income-producing real estate, the NOI is the net income of the real estate (but not the business interest) plus any interest expense and non-cash items (e.g. -- depreciation) minus a reserve for replacement.
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The transaction moves to the due diligence phase, where the buyer makes a more detailed assessment of the property. Purchase and sale agreements will generally include clauses which require the seller to disclose certain information for buyer's review to determine if the terms of the agreement are still acceptable.