what is condemnation in real estate
Best answer
Condemnation in real estate occurs when agovernment seeks to take property from a private owner,either through eminent domain or some other governmental function. Generally,in a condemnation proceeding,the court must decide whether the taking is legal and appropriate compensation. Let take a closer look at condemnation in real estate.
People also ask
What is condemnation of property?
Updated Dec 4, 2017. Condemnation is the seizure of property by a government with for a public purpose.
What is inverse condemnation in real estate?
Inverse, or reverse condemnation occurs when a government takes over a property via eminent domain but then fails to fairly compensate the property owner. Here, the property owner must invoke inverse condemnation to sue the government to either return the property or become fairly compensated for its possession.
What is the difference between eminent domain and condemnation?
While eminent domain refers to the ability of the government to take private property for a public use, condemnation is the process by which that happens. ondemnation is a forced sale,?explains Jennifer Polovetsky, co-chair of the eminent domain practice with New York City law firm Herrick, Feinstein LLP.
What is a condemnation order?
The condemnation order can be permanent or temporary depending on the government objective. ondemnation?is a term used to refer to the legal power given to the government (federal, state, or local) to take private property to advance public activities.