Search results
Results from the WOW.Com Content Network
The most common definition used by real estate appraisers is as follows [2] The most probable price that a specified interest in real property is likely to bring under all of the following conditions: Consummation of a sale will occur within a severely limited future marketing period specified by the client.
Market value or OMV (Open Market Valuation) is the price at which an asset would trade in a competitive auction setting.Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
In real estate, a home’s fair market value is the price that a willing buyer would pay a willing seller for the home in an open market, without current supply and demand conditions being present ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code , as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
The Appraisal Institute of Canada defines the term highest and best use as: The reasonably probable and legal use of property, that is physically possible, appropriately supported, and financially feasible, and that results in the highest value.
Taxes can be confusing. But it's important to understand how real estate and property taxes work, especially if you own land, a home or a vehicle. While many people use the terms interchangeably ...
Home equity is the market value of a homeowner's unencumbered interest in their real property, that is, the difference between the home's fair market value and the outstanding balance of all liens on the property.