“The Fair Market Value (FMV) is the most probable price that an asset should fetch in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably, without compulsion and assuming the price is not affected by undue stimulus.” Implicit in this definition is the assumption that: Buyer and Seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider are their own best interests; A reasonable time is allowed for exposure in the open market; Settlement would be made…

A closing is just a legal term for the transfer of property from one person, or company, to another. To have a legal closing there should be banking officials, attorneys, and an escrow company to ensure that the process is done in the right way.