Many people are not really aware of what the fair market value of a home is. So what exactly is a fair market value? It’s interesting that people are selling off properties all the time, and many people are buying, yet many still don’t know what it means. In some quarters, it’s said that a home’s fair market value is in fact tied in with its home market value. The term “fair market value” was coined because of the discrepancy among people in terms of what they’re willing to pay for homes. That’s why “fair market value” has become a concept used by many people. To better understand what exactly fair market value means, most researchers have pointed out that it is essentially related to the price that the seller will sell at, freely, and that at which a buyer will buy freely. If you want to understand a bit more about what fair market value means, you can take a look at the state laws of Louisiana.

The laws of the state of Louisiana hold that fair market value means the price that an informed seller and buyer would agree on. As far as Louisiana is concerned, the fair market value should be a price that is the highest a home could get on the open market. To determine this value, a home should be on the market for sufficient time that informed buyers could decided to buy it. These buyers should understand what the property can and cannot be used for, and so would have a good idea.

The actual dollar value that comes from the fair market value can be a very important factor in the majority of cases. These are important considerations in the following events: when a home gets priced to be sold, when someone makes an offer to buy property, when taxes are imposed on a home by local assessors, and in the case of a divorce settlement. Besides those things, the dollar amount that the fair market value represents becomes a criticalfactor in cases when homes are part of an estate and the government intends to take possession of the home through the process of condemnation. Last of all, it is interesting to note that most people have a habit of using the term “fair market value” for a wide variety of thing. It is used for a number of things such as the age, location, and many other factors that are tied in with the home’s fair market value.

The Louisiana Purchase survey was ordered by President James Monroe to begin shortly after the War of 1812 ended. This timing was due in part to the federal government’s desire to pay war veterans with land. The land acquired by the Louisiana Purchase less than a decade before the war was seen as the nation’s greatest asset. War veterans were given land grants entitling them to a certain amount of land depending on their status. Before they could claim a particular parcel of land, however, it had to be surveyed. Settlers were already beginning to stream into the west; it was necessary to survey this land both so that it could be given to veterans and so that it could be sold to settlers and land speculators.

To survey the Louisiana Purchase, the Public Land Survey System was adopted. This rectangular system was previously used to survey the lands in the Ohio River Valley. The official survey began in 1815 by two land surveyors, Prospect Robbins and Joseph Brown. The Louisiana Purchase survey began in what is now Arkansas. Because these lands were surveyed first, they could be sold before other western lands, which contributed to Arkansas being the third state west of the Mississippi River to be admitted into the United States. They marked the starting point using two pairs of gum trees, based on the tradition of using identifiable physical geographic features to mark survey points. Their starting point, known as the Initial Point, was located in the middle of hardwood swamp. Today, it can be seen in the Louisiana Purchase State Park.

Working out from the Initial Point, teams of surveyors working for the United States Engineers began marking township sections throughout the region. The surveyors used only a compass and a chain, and the work was slow in the wilderness of this unsettled and unexplored territory. In fact, some areas were still not yet surveyed when Arkansas became a state in 1836. Eventually, the Louisiana Purchase survey covered most of present-day Arkansas, Missouri, Iowa, North and South Dakota, and Minnesota. These surveys are continuous, and span thousands of acres of land. Many of today’s state and country boundaries in this area follow the original survey lines, part of the reason why many states in this region are nearly perfect rectangles.