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Thursday, November 21, 2019

What is the mean by Eminent domain in real estate?

If you are searching for the meaning of Eminent domain in real estate and also a definition of Eminent domain,  then this blog post is helpful for you

Definition

The right of the government to take private property for public use, through court action known as condemnation. The Fifth Amendment to the United States Constitution allows the government to take private property if the taking is for public use and the owner is “justly compensated” (usually, paid fair market value) for his or her loss. Public use is virtually anything that is sanctioned by a federal or state legislative body, but such uses may include roads, parks, reservoirs, schools, hospitals or other public buildings. Sometimes called expropriation.

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