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requisite to a fair sale, the buyer and seller,
each acting prudently, 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: (1) buyer and seller are typically
motivated; (2) both parties are well informed
or well advised, and each acting in what he
considers his own best interest; (3) a reasonable
time is allowed for exposure in the open market;
(4) payment is made in cash or its equivalent;
(5) financing, if any, is on terms generally
available in the community at the specified date
and typical for the property type in its locale;
(6) the price represents a normal consideration
for the property sold unaffected by special
financing amounts and/or terms, services, fees,
costs, or credits incurred in the transaction.
("Real Estate Appraisal Terminology," published
1975.)
Mr. Lang used both the sales comparison and the cost
approach in valuing the subject properties. In the case of
each of the properties, Mr. Lang concluded that the market
value of the property was equal to its contract price. At
trial, Mr. Lang testified that his appraisals were
independent and objective, and that he had inspected each
of the properties at the time of the appraisal. The
appraisal forms provide support for this testimony.
Mr. Lang made notations on the appraisal forms describing
specific work on certain of the properties that had to be
completed for the valuation to be accurate. Mr. Lang
testified that the copies of his appraisals which are in
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