3501. Fair Market Value Explained

3501. "Fair Market Value" Explained Instruction No 1 Request by Plaintiff Given as Proposed Refused Withdrawn Request by Defendant Given as Modified Requested by Given on Court's Motion Judge Instruction No 1 Just compensation includes the fair market value of the property as of [insert date of valuation]. Fair market value is the highest price for the property that a willing buyer would have paid in cash to a willing seller, assuming that: 1. 2. There is no pressure on either one to buy or sell; and The buyer and seller know all the uses and purposes for which the property is reasonably capable of being used. ________________________________________________________________________________ New September 2003; Revised June 2015