open market value

English - English

Definition of open market value in English English dictionary

The best price which might reasonably be expected to be obtained at arm's length for an interest in a property at the date of valuation, subject to any statutory assumptions which may required For the purpose of asset valuations this is defined by the Royal Institute of Chartered Surveyors (UK) as the best price which might reasonably be expected to be obtained for an interest in a property at the date of valuation assuming : A willing seller; A reasonable period in which to negotiate the sale; That values will remain static during that period; That the property will be freely exposed to the market; and That no account will be taken of any higher price that might be paid by a person with a special interest

The value of a property on the basis of a willing buyer and willing seller in the open market allowing for a reasonable period for sale

1 The best price which might reasonable be expected to be obtained at arm's length for an interest in a property at the date of valuation, subject to any statutory assumptions which may be required 2 For the purpose of asset valuations this is defined by the Royal Institute of Chartered Surveyors (UK) as the best price which might reasonably be expected to be obtained for an interest in a property at the date of valuation assuming

The normal value of a property assuming usual market conditions

Hyphenation

o·pen mar·ket val·ue

Turkish pronunciation

ōpın märkıt välyu

Pronunciation

/ˈōpən ˈmärkət ˈvalyo͞o/ /ˈoʊpən ˈmɑːrkət ˈvæljuː/