highest and best use of a property is that use which
In commercial real estate the phrase refers to a property that represents its most profitable and feasible use. Because the highest and best use of the property was redevelopment as a commercial site the value for the land taken as right of way was worth more than the.
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Highest and best use shows how the highest value for a piece of real estate is concluded.
. The top answer we received was Highest and Best Use. The use must comply with laws regulations and ordinances. The principle of highest and best use is one of the many appraisal principles appraisers use to determine fair market value for a property.
As you might imagine this requires a lot of analysis and assessment and it can take. Surname 1 Name Instructor Course Date Article Summary. Specifically the appraisal institute describes the highest and best use of a property as the reasonably probable and legal use of vacant land or an improved property that.
To do this they must undertake market analysis to determine the highest and best use of the property. The highest and best use analysis concept is a form of real estate appraisal that considers not only the best use of the property but any. Fannie Mae will only purchase or securitize a mortgage that represents the highest and best use of the site as improved.
The concept of highest and best use is one of the fundamental principles that underlies real estate appraisal. Highest and best use. The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported and financially feasible and that.
Highest and best use to which the property can be put. The four criteria the highest and best use must meet are legal permissibility physical possibility financial feasibility and maximum productivity. Definition of Highest and Best Use in Real Estate.
Principle of Highest and Best Use. They are as follows. Calculating the highest and best use requires you to know the propertys current use and the profitability of other possible uses.
Highest and Best Use is the reasonable probable and legal use of vacant land or an improved property. If the current improvements. The highest and best use is determined by a licensed real estate appraiser.
Though the property is put to inferior use or has under utilized FSI. Alternatively the probable use of land or. Highest and best use is the most profitable use of a given property.
Appraisers consider four important factors when testing for and formulating an opinion on the highest and best use of a property. Highest and best use requires that the appraisal considers not. Highest and Best Use and Property RightsDoes It Make a Difference Over recent years the debate about fee simple property.
Using the highest and best use. When Should You Determine Highest and Best Use of a Property. In other words to determine fair market value you should consider the use which would prompt a buyer to pay as much as the owner.
Area price it would fetch in open. Terms in this set 32 the highest and best use of a property must be one that is. Highest and best use is based on the use that is going to bring the.
First aspect to be considered is highest and best use of the property. Highest and Best Use.
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