I keep hearing the phrase "Arms-Length Transaction". What does that mean?
For a real estate purchase to be an Arms-Length Transaction the agreement must meet the following criteria:
The property must have been marketed using standard market practices for a normal amount of time;
The buyer and seller must be totally unrelated parties acting independently in their own best interest;
Both the buyer and seller must be knowledgeable about the property in question, the risks involved in the transaction and overall market conditions;
Neither the buyer or seller can have any abnormal reason to buy or sell the property. Examples of this would be: The seller's job was transferred across the county and they have to move next month or a buyer's employer requires them to locate within 1 mile of work immediately and this is the only home that has been on the market in 6 months.

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1. I am a first time property owner. What important information do I need to know.
2. What is the difference between Assessed and Taxable and Capped Value?
3. How is the inflationary (CPI) increase calculated?
4. I keep hearing the phrase "Arms-Length Transaction". What does that mean?
5. I just bought a new house, will the Assessed Value be half of what I paid for it?
6. What is a Principal Residence Exemption?
7. How do forclosure / short sales affect the value of my home?
8. Do I have to let the Assessor in my home or on my property?