Definition of Market Value
Definition of Market Value
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 and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation
of a sale as of a specified date and the passing of title from seller to buyer under conditions where
by:
1) Buyer and seller are typically motivated;
2) Both parties are well informed or well advised, and acting in what
3) A reasonable time is allowed for exposure in the open market;
4) Payment is made in terms of cash in E.G.P or in terms of financial arrangements
comparable thereto; and
5) The price represents the normal consideration for the property sold, unaffected by
special or creative financing or sales concessions granted by anyone associated with the
sale.
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