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MARKET VALUE The highest price, estimated in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which the property is adapted and for which it is capable of being used. PROBATE The formal judicial proceeding to prove or confirm the validity of a will. The will is presented to the probate court, and creditors and interested parties are notified to present their claims or to show cause why the provisions of the will should not be enforced by the court. PRORATE To divide or distribute proportionately. PREPAYMENT Full or partial repayment of the principal before the contractual due date. RESIDUAL PROCESS An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it. CONFORMING LOAN A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property. EXECUTORY CONTRACT A contract in which one or both of the parties has not yet performed. |
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