What document would you use as basis for the market value of the land?
Answer:
Base on Comparative Market Analysis method of Valuation :
1. Recently transacted but not yet completed prices of similiar properties in your area. 2. Recently advertised prices of properties in your area. 3. Prices of properties already transacted and completed the sales process.
These prices will give you an indication of what prices your property can fetch at the moment. Take note Market Value/valuation is different from bank valuation for mortgage purposes.
A market appraisal or valuation, or a (government) property assessment. In some jurisdictions, a letter from a licensed real estate professional is accepted as proof.
T^he easiest way would be to tell you to get someone to value the land, but i guess you would not ask the question is that was what you wanted to do. DO not use government valuations, in most countries government valuations are only used for taxation and have limited use in determining market value.
Sale in area of similar land with similar uses should be main basis for determining market value. Development or planned development oin area will also affect valuation e.g. New access routse might increase value.
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