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market value :: legal definition


Market value - n. the price which a seller of property would receive in an open market by negotiation, as distinguished from a "distress" price on a forced or foreclosure sale, or from an auction. Market value of real property is normally determined by a professional appraiser who makes comparisons to similar property sales in the area, which are often called "comparables."


Related Law Terms

acceleration clause :: n. a provision in a contract or promissory note th ... . See also: acceleration assumption
ad valorem :: adj. Latin for "based on value," which applies to ... per parcel. See also: property tax
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
deficiency judgment :: n. a judgment for an amount not covered by the val ... o: foreclosure judicial foreclosure
equity :: n. 1) a venerable group of rights and procedures t ... ry enjoin equitable injunction writ
fair market value :: n. the amount for which property would sell on the ... so: appraise appraiser market value
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
foreclosure sale :: n. the actual forced sale of real property at a pu ... dicial sale mortgage sheriff's sale
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.
levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
marketable title :: n. the title to real property which has no encumbr ... e. See also: contract real property
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
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
sheriff's sale :: n. an auction sale of property held by the sheriff ... so: execution forced sale levy writ
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
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testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - M

M. O. :: n. slang for modus operandi, the way or pattern in ... her crime. See also: modus operandi
magistrate :: n. 1) a generic term for any judge of a court, or ... ce of the peace preliminary hearing
Magna Carta :: n. Latin for "Great Charter," it was a document de ... s. It is also spelled Magna Charta.
mail box rule :: n. in contract law, making a written offer or acce ... nse in hand when the time runs out.
maim :: v. to inflict a serious bodily injury, including m ... to a prison term. See also: mayhem
majority :: n. 1) the age when a person can exercise all norma ... t. See also: child infancy minority
make :: v. 1) to create something. 2) to sign a check, pro ... xchange check maker promissory note
make one whole :: v. to pay or award damages sufficient to put the p ... fault of another. See also: damages
maker :: n. 1) the person who signs a check or promissory n ... : check payee payor promissory note
malfeasance :: n. intentionally doing something either legally or ... sponsibility. See also: misfeasance
malice :: n. a conscious, intentional wrongdoing either of a ... cution murder public figure slander
malice aforethought :: n. 1) the conscious intent to cause death or great ... : first degree murder malice murder
malicious prosecution :: n. filing a lawsuit with the intention of creating ... vor of the victim. See also: malice
malpractice :: n. An act or continuing conduct of a professional ... eed. See also: errors and omissions
malum in se :: (mal-uhm in say) adv. Latin referring to an act th ... hibitum. See also: malum prohibitum
malum prohibitum :: (mal-uhm prohibit-uhm) adj. Latin meaning "wrong d ... lso: malum in se white collar crime
mandamus :: (man-dame-us) n. Latin for "we order," a writ (mor ... mandamus. See also: writ of mandate
mandate :: n. 1) any mandatory order or requirement under sta ... See also: mandamus writ of mandate
mandatory :: adj., adv. absolutely demanded or required. ... v. absolutely demanded or required.
mandatory joinder :: n. the required inclusion of a party in a lawsuit ... sues in the case. See also: joinder