Fair Sale Law and Legal Definition

Fair sale is a foreclosure sale or other judicial sale conducted respecting the rights and interests of the affected parties. A fair sale is conducted with fairness and impartiality.

A fair sale means that buyer and seller are each acting prudently, knowingly, and under no necessity to buy or sell, i.e., other than a forced or liquidation sale. [First American Bank v. Monica Rd. Assoc., 147 B.R. 385, 387 (Bankr. D. Va. 1992)]