Comparative Market Analysis (COM) Law and Legal Definition
Comparative market analysis (COM) is a property evaluation that determines property value by comparing similar properties sold in the previous year. It is an evaluation of comparable sold homes of similar size, condition, age and style for sale that are sold recently in a certain neighborhood. COM is also called market comparison appraisal.
The following five factors are usually considered while determining COM:
1.Conditions of sale
2.Financing conditions
3.Market conditions
4.Location comparability
5.Physical comparability
This kind of analysis helps a prospective buyer or a person interested in real estate get accurate and reasonable listing price for a property.
Legal Definition list
Related Legal Terms
- 656 Committee [Energy]
- 9/11 Commission Act
- A Commercial Trade
- Above the Market
- Abstraction-Filtration-Comparison Test
- Academic Competitiveness Grant (ACG) Program [Education]
- Acceptable Quality Level [Agricultural Marketing Service]
- Acceptance [Agricultural Marketing Service]
- Access to Computer
- Accommodated Party
