For inheritance tax, the open market value of an asset is the price it might reasonably fetch if it was sold on the open market at the time of the transfer of that asset.
Means the best cash price a property can expect to fetch assuming that the seller is not forced into the sale, that there has a reasonable time for property marketing, and that bids by purchasers with special interest in the property are discounted. Most property valuations ire concerned with the valuation of open market value.
This is the best price at which the sale of an interest in property might reasonable be expected to have been completed unconditionally for cash consideration on the day of valuation assuming: a) Willing seller and a willing buyer; b) That, prior to the date of valuation, there had been a reasonable period (having regard to the nature of the property and the state of the market) for the proper marketing of the interest, for the agreement of price and terms and for the completion of the sale; c) That the state of the market level of values and other circumstances were, as on any earlier assumed date of exchange of contracts, the same as on the date of valuation; and d) That a purchaser with special interest takes no account of any additional bid.
the value a property fetches when there is a willing buyer and a willing seller.
1. The best price which might reasonably be expected to be obtained at arms' 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: there is a willing seller there is 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 normal value of a property assuming usual market conditions.
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.
is an opinion of the best price at which the sale of an interest in the property would complete unconditionally for cash consideration on the date of valuation (as determined by the Group’s external valuers – see Valuation Certificate). In accordance with usual practice, the Group’s external valuers’ report valuations net, after the deduction of the prospective purchaser’s costs, including stamp duty, agent and legal fees.