3 things to know about eminent domain
Eminent domain is a legal concept that enables real property to be seized for reasons that are for the betterment of the general public. The proceedings that lead to the seizure of private property are known as condemnation proceedings.
Property that’s taken under eminent domain, which is covered in the Fifth Amendment, isn’t free. The owner of the property has to receive fair compensation for the property. Besides that, there are other points you should understand.
#1: Eminent domain covers more than real estate
While eminent domain is most often applied to real estate, there are various other things that can be taken. These include investment funds, leases, stocks and airspace. Even items like timber, rocks, and dirt can be claimed if they’re being used for a public purpose.
#2: There are 3 types of seizures that can be used
There are three types of seizures that are possible under eminent domain. These are full, partial, and temporary. If you’re facing a condemnation proceeding, find out which of these three is happening.
#3: Power isn’t limited to the government
Many eminent domain claims are handled by the government; however, certain private companies can also do this. These include utility companies that provide a public service. Those entities must still ensure the property owner receives compensation for the assets they’ll lose.
When you receive notice that your property is being considered for an eminent domain claim, you need to learn your rights. This can help you to shape your plan for addressing the matter. This isn’t something that you can ignore because ignoring what’s going on can lead to your property being seized.