Fair Market Value

Fair Market Value has been defined as: the price, in terms of dollars, which a ready and able buyer, not forced to purchase, would pay and a ready and willing seller, not forced to sell, would accept; assuming further that both parties are fully informed, act reasonably and have sufficient time to consider the transaction with due care.

Market value is what price the property will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker.

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