fair market value :: legal definition
Fair market value - n. the amount for which property would sell on the open market if put up for sale. This is distinguished from "replacement value," which is the cost of duplicating the property. Real estate appraisers will use "comparable" sales of similar property in the area to determine market value, adding or deducting amounts based on differences in quality and size of the property.
See also: appraise appraiser market value and Related Law Terms ↓
Related Law Terms
ad valorem :: adj. Latin for "based on value," which applies to ... per parcel. See also: property taxappraise :: v. to professionally evaluate the value of propert ... surance claims. See also: appraiser
appraiser :: n. a professional who makes appraisals of the valu ... isal Institute). See also: appraise
assess :: v. to set a value on property, usually for the pur ... e place upon sale of real property.
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
equity :: n. 1) a venerable group of rights and procedures t ... ry enjoin equitable injunction writ
inverse condemnation :: n. the taking of property by a government agency w ... e also: condemnation eminent domain
leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging.
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
market value :: n. the price which a seller of property would rece ... ich are often called "comparables."
marketable title :: n. the title to real property which has no encumbr ... e. See also: contract real property
property tax :: n. an annual governmental tax on real property or ... are made. See also: ad valorem tax
rental value :: n. the amount which would be paid for rental of si ... alimony to be paid. See also: rent
Popular Law Searches
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forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
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Other Law Terms - F
face amount :: n. the original amount due on a promissory note or ... rein, without calculating interest.face value :: n. in shares of stock, the original cost of the st ... on the certificate, or "par value."
fact :: n. an actual thing or happening, which must be pro ... dge if he/she sits without a jury).
fact finder (finder of fact) :: n. in a trial of a lawsuit or criminal prosecution ... n facts. See also: question of fact
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fair comment :: n. a statement of opinion (no matter how ludicrous ... amation libel public figure slander
fair market value :: n. the amount for which property would sell on the ... so: appraise appraiser market value
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fair use :: n. the non-competitive right to use of copyrighted ... for a royalty. See also: copyright
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federal courts :: n. the court system which handles civil and crimin ... rans' appeals. See also: bankruptcy
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fee :: n. 1) absolute title in land, from old French, fie ... See also: attorney's fee fee simple