what is eminent domain in real estate
Best answer
As a real estate agent,you will encounter the terms 榣aw of eminent domain?or 榚minent domain?in real estate. But what does it mean? Eminent domain is thegovernment right to expropriate private property for public use. In exchange for this,the homeowner gets compensated with the property fair market value.
People also ask
What is eminent domain and how does it work?
Eminent domain is the government right to expropriate private property for public use. In exchange for this, the homeowner gets compensated with the property fair market value.
What is the difference between eminent domain and condemnation?
Eminent domain is the right of the local, state or, federal government to take private land or property and convert it for public use in exchange for paying just compensation to the owner. The law of condemnation deals with conflicts between private interests and public necessities.
What is’eminent domain’?
What is ‘Eminent Domain’. Eminent domain is the power the United States government, states and municipalities to take private property for public use, following the payment of just compensation.
What is an example of eminent domain in California?
Some examples of valid projects for public use are bridges, reservoirs, freeways, roads, and parks. There are some occasions when people other than the government have the power to exercise eminent domain, such as public utilities. Projects such as electricity lines or new pipelines get presented to the California Public Utilities Commission.