Definitions. As used in this chapter, unless the context otherwise requires:
1. “Date of valuation” means the date on which the value of the property actually taken, and the damages, if any, to the remaining property, must be determined.
2. “Final judgment” means a judgment which cannot be directly attacked by appeal, motion for new trial or motion to vacate the judgment.
3. “Judgment” means the judgment determining the right to condemn property and fixing the amount of compensation to be paid by the plaintiff.
4. “Partnership” includes a limited partnership.
5. “Person” includes a government, governmental agency or political subdivision of a government.
6. “Value” means the most probable price which a property would bring in a competitive and open market under the conditions of a fair sale, without the price being affected by undue stimulus, whereby the sale is consummated on a specified date and the title to the property is passed from the seller to the buyer under the following conditions:
(a) The buyer and seller are acting prudently and knowledgeably;
(b) The buyer and seller are typically motivated;
(c) The buyer and seller are well informed or well advised and acting in what they consider are their own best interests;
(d) A reasonable time is allowed to expose the property for sale on the open market;
(e) Payment is made with United States dollars in cash or pursuant to another financial arrangement comparable thereto; and
(f) The sale price represents the normal consideration for the property and is unaffected by special or creative financing or sales concessions granted by any person associated with the sale.
Last modified: February 27, 2006