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� W E N <br /> s► s �i <br /> sOC%W <br /> PURPOSE OF THE APPRAISAL <br /> The purpose of this appraisal is to estimate the fair <br /> market value of the subject property as if free and clear <br /> of all liens and encumbrances. <br /> t`.E�INITION OF MARKET VAT..U'F <br /> Market value has `Deen defined as follows : <br /> 1. The most reasonable price estimated in terms of <br /> money which a property is expected to bring if <br /> exposed for sale in the open market , allowing a <br /> reasonable time to find a purchaser who buys 0.0h <br /> knowledge of all the uses to which it is adapted <br /> and for which it is capable of being used.. <br /> 2 . Frequently , it is referred to as the price at <br /> which a willing seller would sell and a willing <br /> buyer would buy, neither being under abnormal <br /> pressure. <br /> z. It is the price expectable if a reasonable time <br /> is allowed to find a purchaser and if beth seller <br /> and prospective buyer are fully informed. <br /> The essential difference between market price and market <br /> value as defined above lies in the premises of intelligence, <br /> knowledge, and willingness , all of . which are contemplated <br /> in market value but not in market price. Stated differently, <br /> at any given moment of time, market value connotes what a <br /> property is actually worth, and market price what it may be <br /> sold for. <br /> -2- <br />