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Simple English definitions for legal terms
similar sales
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A quick definition of similar sales:
Similar sales refer to the sales of similar properties in the same area and time frame, which are used to determine the value of a specific property in a condemnation action. This means that if a property is being taken by the government for public use, the value of the property can be determined by looking at the prices of similar properties that were sold nearby. It's like comparing the price of one toy to the price of other toys that are similar to it.A more thorough explanation:
Definition: Similar sales refer to sales of like property in the same locality and time frame, which are admissible in a condemnation action to determine the marketable value of the particular property at issue.
Examples: In an eminent domain case, if the government is acquiring a property, the value of the property can be determined by looking at the prices of similar properties in the same area that were sold around the same time. For instance, if the government is acquiring a commercial property, the value of the property can be determined by looking at the prices of other commercial properties in the same area that were sold around the same time.
Explanation: Similar sales are used to determine the fair market value of a property in an eminent domain case. By looking at the prices of similar properties in the same area that were sold around the same time, the value of the property at issue can be determined. This helps ensure that the property owner receives fair compensation for their property.