RockSpringCluB-Hendricks Appraisal.pdf

PURPOSE OF THE APPRAISAL - PROPERTY RIGHTS DEFINED The appraisal is made for the purpose of estimating Market Value as of the date of valuation. The appraisal is based on the assumption that ownership is in fee simple title. Includes all the rights of ownership subject only to the limitations of eminent domain, escheat, police power and taxation. DEFINITION OF MARKET VALUE Market Value is defined as " the most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under duress." Market Value has also been defined as "The most probable price which a Property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ¢ buyer and seller are typically motivated: e both parties are well informed or weil advised and each acting in what he or she considers his or her own best interest; e areasonable time is allowed for exposure in the open market; * payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and ¢ the price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale, Source: The Appraisal of Real Estate - Fourteenth (14th) Edition - 2015 Published by The Appraisal Institute f ' D secs - 39 - a & RESEARCH Continued . . .