Real estate properties are a valuable investment. Well, to put this into perspective, reality is one of the most profitable capitals. It not only creates a secondary income source, such as rental income but also appreciates over the years.
Perhaps, no one would ever want to give up their land. Regardless, there are instances when property owners have to give away their capital unwillingly. Such instances are legally known as property condemnation or eminent domain.
What Is Property Condemnation/Eminent Domain?
Federal and state governments own rights to every property within their boundary. Even if the property is privately owned. It means that the government can take away a piece of land from its owner. And in return, the owner receives monetary compensation.
It is, also, noteworthy that the compensation paid is typically according to the median value in the market. So, the government usually does not condemn a single plot but a complete domain, in a region. That is why the name, eminent domain.
What To Do If Your Property Is Condemned?
To be clear, private properties are usually condemned by the government or its agencies only. For example, the transport department may use its eminent domain power to widen a road. Or the local municipality may condemn private land to make a public park.
Whatever be the reason for property condemnation you deserve to receive just compensation. However, as the experts at Mrod.law explain, the government and its agencies may not appreciate the value of your property according to the market norms. For example, they may not consider the additional dwelling unit that you have on your property. Perhaps, they would only consider the median market value in the region.
So, what do you do?
Know Your Rights
As soon as a condemnation notice is received, it is advised to know the rights of the owner/tenants. Under the 5th and the 14th amendments, the owner/tenants can refuse the condemnation based on the compensation they receive. There are several other rights, such as the right to due process, that property owners are entitled to.
Consult With Your Attorney
Before replying anything to the condemnation notice, it is rather advisable to consult with a property attorney. The right attorney would not only suggest the right course of action but also can help receive the right compensation.
Contest in Court for Compensation
Since the property owners can deny the compensation offer, they are also entitled to contest it in a court of law. Usually, such cases only appear when there are discrepancies in the purpose of condemnation, or unjust compensation is offered. And, as already mentioned, a property lawyer can prove to be of great assistance in such a scenario.
Condemnation and eminent domain powers are vested to drive public progress. Projects like building roads, constructing dams, erecting shopping centers, and so on, are usually critical for the economic progress of the country. And economic progress usually brings along public progress also. That being said, receiving the rightful compensation for taking away your land, is still your right. And you must also know how to protect your rights.