Eminent domain is the right of the government to take private property for public use with fair and just compensation to the owner. In theory, eminent domain is a good way to take land and turn it into something that could benefit the public, but when it is abused, eminent domain can become a major concern for property owners.
Hire a hands-on eminent domain lawyer first
When your property is threatened with eminent domain, the first advice you’re likely to get is to hire an eminent domain lawyer. Although this may seem like a no-brainer, however, there are a lot of things to keep in mind when you’re looking to hire an eminent domain lawyer. If you’re not careful, you could end up paying too much money for someone who doesn’t understand the process you’re facing, or worse yet, hiring the wrong person entirely.
Ask your lawyer about finding a good forensic appraiser
In eminent domain, the state has the right to take away your property for public use. This is done through the power of an eminent domain. Before your land is expropriated for public use, you should hire a good condemnation lawyer. The lawyer will guide you through the process and help you negotiate with the state.
A forensic appraiser will be able to determine how much your property is worth. This will help the state in determining how much to pay for your property. You will want to find a forensic appraiser that understands the value of your land as well as the property of your neighbors. You will want to make sure the appraiser is not just going to make up a number that you cannot substantiate. You can ask your lawyer to help you find a good forensic appraiser.
Have your lawyer look at your lease and loan documents
Through eminent domain, your creditors may also get a portion of the compensation with you. If the documents entail them getting a portion, you can make sure to lessen them. If you have a lease, it may have a “due on sale” clause that says you have to pay rent even if your landlord sells the property. If you think you might lower your compensation of eminent domain to your creditors, check with your lawyer to see what your lease and loan documents say.
Ensure your property is at its peak
If you own a commercial or residential property, you may be wondering if the eminent domain can be used to acquire your land and how you can protect yourself. First, it’s important to understand that eminent domain is legally known as “condemnation”. This is when the government decides to use your land for public use, like a highway or airport, as long as you are compensated for the loss of use and for the value of your property. However, you might be able to get more compensation for an eminent domain if your property has been updated in the past few years or if you have made renovations to the property.
Find out if your property has faults to get compensation from them as well
In the event that your property is taken from you by eminent domain, you will probably be compensated poorly for the loss. The government or development agency will often buy the land from you. In other cases, you will be paid for the loss of your land based on the land’s fair market value. In either case, you’ll be responsible for any expenses you incur during your dealings with the government agency.There are several ways to ensure you can get the highest compensation when eminent domain is in use. One of the best ways to ensure this is to find out if your property has faults that can be compensated for with the help of a construction lawyer. The federal government has to compensate you for any damages that they may cause to your property during the eminent domain process. This also goes for any state-sponsored eminent domain use. The more that you can show that your property is damaged or in disrepair due to the fault of the government, the more that you can receive in compensatory damages.