Holiday home glossary – definitions property terms-O

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Open market value: (a) 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. (b) 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:
(a) there is a willing seller
(b) there is a reasonable period in which to negotiate the sale
(c) that values will remain static during that period
(d) that the property will be freely exposed to the market; and
(e)that no account will be taken of any higher price that might be paid by a person with a special interest.

Outgoings:Costs incurred by the owner of an interest in property, usually calculated on a yearly basis. Eg. management, repairs, rates, insurance and rent payable to the holder of a superior interest, as appropriate to his contractual or other liabilities. It is prudent to make annual provision for future items involving expenditure at intervals of more than one year.

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