Maryland Code, REAL PROPERTY 14-701
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Terms Used In Maryland Code, REAL PROPERTY 14-701
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
(a) In this subtitle the following words have the meanings indicated.
(b) “Determination of value” means a court order determining the fair market value of property under § 14-707 or § 14-711 of this subtitle or adopting the valuation of property agreed to by all cotenants.
(c) “Partition by sale” means a court-ordered sale of property, whether by auction, sealed bids, or open-market sale conducted under § 14-711 of this subtitle.
(d) “Partition in kind” means the division of property into physically distinct and separately titled parcels.
(e) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.