Condemnation In Real Estate – Here is What You Need To Know
Imagine finding the perfect home, purchasing it, and then learning later that the government would take it away. This is called condemnation. While the phrase “condemned house” may conjure up images of a spooky abandoned home in a horror film, it does not suggest a hazardous residence. Even in great condition, properties can be condemned. You can speak to an experienced attorney and get legal advice regarding condemnation.
Understanding condemnation in real estate
In a nutshell, real estate condemnation is the legal process of acquiring private property for public use. This frequently happens to damaged or degraded homes or constructions that have become an eyesore or a public nuisance.
The procedure through which this occurs is known as eminent domain, and it grants the government the authority to acquire property for public use. They cannot, however, just take anything they want – the owner must be reimbursed in line with the property’s fair market worth. Private property may not be seized for public use without reasonable compensation, according to the Fifth Amendment to the United States Constitution.
What is eminent domain?
Eminent domain gives all levels of government in the United States the authority to compel a property owner to relinquish ownership to the government. If the government can establish the case for vital public use, this authority can be used for all forms of property ownership.
Eminent domain will very certainly cause you problems as a property owner. However, owners are entitled to appropriate compensation and due process in the event of a disagreement. An attorney can help you in many ways regarding condemnation, so seek their help.
Have you received a notice of condemnation?
The procedure begins with a condemnation notice, the initial stage in the government’s legal efforts to change the property’s status from private to public usage. If you receive a condemnation notice, you should first speak with a real estate attorney.
The real estate attorney can help you navigate this difficult procedure. Most real estate attorneys will advise you to get a private property assessment.
If you have this impartial property evaluation, you will be better prepared to bargain with the government. In most cases, the first government proposals are judged insufficient, and more negotiations are possible.
When does condemnation take place?
Condemnation usually occurs when a municipality or other governmental agency wants to purchase land for a public purpose, such as constructing a road or a public school. The government will initially try to negotiate a purchase with the owner, but if an agreement cannot be reached, the government can use eminent domain to condemn the property. You can speak to a real estate attorney to learn more.
