Fair Market Value
The “fair market value” or just “market value” is calculated as the average selling price currently achievable. It represents that price for which a plot or a property would sell on the open market at a given moment in time. Accordingly the value always references the time at which it was determined. It needs to take the characteristics, the nature, and the location of the developed or undeveloped plot or of the property into account. Price variances caused by unusual or personal circumstances, by contrast, will not enter into the calculation of the average value. The fair market value is appraised by a surveyor committee in a so-called fair market valuation report.
Whether Prior to an Acquisition...
Even ahead of an acquisition, the Accentro Real Estate Encyclopaedia offers interesting facts and decision guidance: We will coach you through the first steps on your path to homeownership. For instance, it provides information on the process flow of a condominium purchase. It will also tell you what sort of documents you need in order to buy property, and where to obtain them.
... or after – Our Real Estate Encyclopaedia Provides the Answers You Need
Once you have bought a property, you may wonder who is going to manage your condo and how. After all, caretaking your property is one of your main obligations as a condominium owner. In addition to numerous tips and suggestions, you will find answers here to many questions involving the property management subject, such as: What does “individual freehold ownership” mean? What exactly do “condominium regulations” govern? And what does the term “condominium fee” imply? In addition, we elaborate subtle differences between terms such as “real estate management” and “corporate real estate management.”
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