If you are a property owner in the United States, there is a chance that, at some point, the government as they provide you with fair compensation. This can be a scary time for property owners, but with the help of an experienced real estate lawyer, you can ensure you receive what you deserve. This blog discusses what to do when the government claims eminent domain over your property and how to get the best possible outcome for yourself and your family.
What is Eminent Domain?
Eminent domain is the power of the government to take private property for public use. This can be done for various reasons, such as building a new highway or public school. In most cases, the government will only claim eminent domain if they can prove that the taking of the property is for a valid public purpose and that they are providing just compensation to the property owner.
What is Just Compensation?
Under the Fifth Amendment of the U.S. Constitution, private property may not be taken by the government without just compensation. If your property is taken through eminent domain, you are entitled to receive fair market value for your land. You should also be compensated for damages that may have been caused by the taking of your property, such as the loss of business income if you own commercial property.
It is important to note that just compensation does not necessarily mean that you will receive the total value of your property. The government must only pay you what they determine as fair market value, which may be less than what you think your property is worth. This is why it is so important to have an experienced lawyer on your side, as they will be able to negotiate with the government to get you the best possible compensation for your property.
The Importance of Legal Representation
If the government claims eminent domain over your property, it is essential that you have legal representation. An experienced real estate lawyer will be able to guide you through the process and make sure that you receive just compensation for your property. They will be able to negotiate with the government on your behalf to get the best possible outcome for your case.
Contact us today at (815) 987-4050 to schedule a consultation!
The blog published by Reno & Zahm LLP is available for informational purposes only and is not considered legal advice on any subject matter. By viewing blog posts, the reader understands there is no attorney-client relationship between the reader and the blog publisher. The blog should not be used as a substitute for legal advice from a licensed professional attorney, and readers are urged to consult legal counsel on any specific legal questions concerning a specific situation.