Laserfiche WebLink
<br /> Page 66 Nagell Appraisal Incorporated | 952.544.8966 <br />DEFINITIONS <br /> <br /> <br /> <br />MARKET VALUE - The most probable price which a property should bring in a competitive and open <br />market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, <br />knowledgeably, and assuming the price is not affected by undue stimulus. I mplicit in this definition is the <br />consummation of a sale as of a specified date and the passing of title from seller to buyer under <br />conditions whereby: <br /> <br /> (A) buyer and seller are typically motivated; <br /> <br /> (B) both parties are well informed or well advised, and each acting in what they consider their <br />own best interest; <br /> <br /> (C) a reasonable time is allowed for exposure in the open market; <br /> <br /> (D) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements <br />comparable thereto; and <br /> <br /> (E) the price represents the normal consideration for the property sold, unaffected by special or <br />creative financing or sales concessions granted by anyone associated with the sale. <br /> <br />Source: Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />