Definition from Nolo’s Plain-English Law Dictionary
The amount which someone would pay for rental of similar property in the same condition in the same area. Evidence of rental value becomes important in lawsuits in which loss of use of real property or equipment is an issue, and the rental value is the measure of damages. In divorce cases in which one of the spouses stays in the family residence, the use of the property may have rental value which is considered in balancing the income of the parties, determining division of property, or setting the amount of alimony to be paid.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:23 pm