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Simple English definitions for legal terms
highest and best use
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A quick definition of highest and best use:
Highest and best use refers to the most profitable way to use a piece of property. This is important when determining the fair market value of the property, especially in cases of eminent domain. Other types of property use include conforming use, nonconforming use, and conditional use, among others. Some uses, like public use, benefit the public, while others, like exclusive use, give someone the right to use a specific mark or property without exception.A more thorough explanation:
Definition: The most profitable use of a property, as determined by market demand and financial analysis.
Example: A vacant lot in a busy commercial area may have the highest and best use as a retail store or office building, rather than a residential property. This determination is made by analyzing market demand, potential income, and development costs.
Explanation: The concept of highest and best use is important in real estate valuation and development. It helps property owners and investors determine the most profitable use of a property, which can maximize its value and potential income. By analyzing market demand and financial factors, such as development costs and potential income, the highest and best use of a property can be determined. This can guide decisions about whether to develop or sell a property, and what type of development to pursue.