Open Market Value (OMV)
- When a property must be sold to satify a debt, those responsible for selling must act with due dilligence to ensure the owner is not deprived of an open market value.
- A property reposessed could otherwise be sold for significantly less than it is worth if an offer is made sufficient to cover the debt for a quick sale to the detriment of the debtor owner who might otherwise reasonably expect more change.
Published: 29 September 2015
Last Updated: 17 November 2021