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For Sale By Owner
Categories: Legal,
Selling your house without a real estate agent. Doing so can save you a commission but requires that you devote time and energy not only to marketing and showing the house but also to learning and following the legal rules controlling sales of real estate in your area. Commonly referred to as FSBO, pronounced "fizzbo."
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Definition / Meaning of
Highest And Best Use
Categories: Real Estate,
Key appraisal and zoning principle employed in valuing any parcel of land or property. Since the value of a property and its use are closely linked, its highest and best use is that which results in the highest present value, and brings in the greatest net return over a given period or the foreseeable future - within the applicable constraints. The value of, and return on, a property are related to its surrounding environment so its use has to be consistent with the neighboring land use. Because a property's value is influenced by the local competitive and political forces, the timing of the property development is another critical factor. And, especially in metropolitan areas, where a property can be put to several different uses, its combination of uses is very important. A highest and best use appraisal must take these four factors into consideration: (1) legal permissibility, (2) physical possibility, (3) financial feasibility, and (4) maximum productive use. However, even the most detailed appraisal is simply a considered opinion of an appraiser, not the final word.
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