- the free will of the seller and the buyer,

- the provision of a reasonable period of time for negotiation, taking into account the nature of the property and the market situation,

- maintaining the value at a substantially stable level during this period, that the good has been offered for sale under market conditions, without reservations, with adequate publicity,

- the absence of personal suitability factors.

The terms market value, market value or even realizable value (expression used in the decree of November 5, 1990 concerning Insurance Companies) can be considered as synonyms for market value.

The market value of a property can be defined under two assumptions:

- the value of a free property or assumed to be such, on the basis that the property is vacant and free of any title of occupation.

- the value of the "occupied" good, which takes into account the presence in the places of occupants, titled or not.

In the latter case, the value also depends on the legal and financial conditions of the occupation and the quality of the occupant (s).

- either by a direct comparison approach,

- or by the capitalization or discounting of a theoretical or actual income.

The other valuation methods, in particular those by the replacement cost, are used only exceptionally, that is to say either by way of cross-checking, or when the application of one or the other of the two main methods prove to be impossible or difficult.

COLLECTIVE BUILDINGS

Two approaches to Market Value can be practiced for apartment buildings, in particular for housing:

- either a sale "en bloc

- either a batch-by-batch transfer (cut-to-size sale)

CURRENT USE OR ALTERNATIVE USE

Several approaches to Market Value are possible depending on whether the building is assumed to be in its current use or in another use. The conclusions can of course be very different according to various uses according to the market conditions and the cost of transformation.

It has sometimes been referred to under other terms such as: use value, use value, exploitation value. It can be compared to the notion of replacement cost (see below). It is also similar to "Current Value" as defined in the Commercial Code, namely: "the estimated value which is assessed according to the market and the usefulness of the property for the company" .

Value in use can be calculated using two types of methods, depending on the nature of the asset to be valued:

- either it is a relatively "standard or current" good; in this case the value in use corresponds to the

Market value increased by taxes, fees and costs on the acquisition as well as any adaptation or development work;

- or it is a specific good, and then a replacement cost method will be used.

It includes the cost of purchasing the land and the cost of constructing buildings and real estate fittings, non-recoverable taxes, costs, taxes and fees included.

It depends on the nature of the transaction and the destination of the goods agreed between the parties. The contribution value therefore does not exist sui generis but rather within the framework of a specific transaction.

It is therefore up to the parties (contributors and contributors) to define what type of security (and therefore what calculation methods) should be chosen, and this, under the control of the Contribution Auditors.

This price results from the fact that one of the parties was motivated by a particular convenience, therefore specific to itself, and exogenous to the real estate market.

The convenience price is therefore distinct from the average market value, even if the parties to the transaction have not carried out an unfavorable transaction from their own point of view.

The convenience price is generally considered to be non-opposable with regard to tax regulations.

Expropriation does not, a priori, fall within the framework of a forced sale; if the alienation is compulsory, the basis for compensation must be the market value and the damage suffered by the expropriated party on the reference date.

Unlike market value, it is generally established identically or equivalent on the basis of quotes.

It only concerns buildings and related equipment (General Services or Comfort Elements).

The insurance value can cover two concepts:

- the replacement value, defined above (calculated identically or equivalent),

- the replacement value for obsolescence deducted (replacement value to which an obsolescence coefficient has been applied taking into account the age of the asset and its state of maintenance).

The right to lease is therefore the economic consideration for the advantages of taking over an existing lease, comprising more or less advantageous clauses and the existence of a rent which may appear to be significantly different from the rents charged on the market. In terms of shops, the location is of particular interest because it has a direct consequence on the activity.

The valuation of a right to lease therefore consists in assessing the value of all the various advantages from which a tenant will benefit over a variable period of time.

The value of the right to the lease is generally inversely proportional to the amount of rent paid under the lease. It believes with the duration taken into consideration and the degrees of protection or advantages enjoyed by the tenant under the lease.

It is important to distinguish between the right to the lease:

- on the one hand, the goodwill of which it can be one of the components,

- on the other hand, the right of entry or the door step which can be analyzed as the consideration for advantages when entering into a lease, an amendment or the renewal thereof , and which are paid to the owner.

The right of entry or no door is in fact the capital equivalent of a rent and has a legal and tax regime significantly different from that of the right to lease.