Acquisition appraisal, also known as acquisition valuation, refers to the evaluated market value of a property intended for acquisition, often for public use or eminent domain. This appraisal determines the compensation amount offered to the property owner.
A 'Claim' is a request for reimbursement for a loss covered by an insurance policy or a demand for something believed to be owed.
Coinsurance is a provision in an insurance policy that requires the policyholder to bear a portion of the risk. For property insurance, it is typically expressed as a percentage that the insured must maintain relative to the property's value in order to collect the full amount of compensation for any loss.
Compensation in real estate refers to money or other property paid to individuals or entities in exchange for services rendered, goods provided, or contractual obligations fulfilled. It encompasses wages, commissions, payment for real estate contracts, and property exchanges.
Condemnation refers to the process by which private property is taken for public use with compensation provided to the property owner. This is often done under the legal right known as eminent domain. Alternatively, it can also refer to the declaration of a structure as unfit for use.
Damages refer to the monetary compensation recoverable by a person who has been injured due to the act or default of another. This can include physical harm, property damage, or violation of rights.
Downzoning involves changing the zoning classification of a tract of land to a less intensive use than currently permitted. It can affect the owner's investment-backed expectations and may raise compensation issues.
A fee in real estate can refer to the ownership interest in land that may be inherited, known as a fee simple or fee simple defeasible, or it can refer to compensation based on the completion of a specific task.
Indemnify refers to the act of protecting another party against loss or damage, typically through compensation. This term is commonly used in insurance and real estate transactions to ensure that financial loss is mitigated.
Involuntary Conversion Condemnation occurs when private property is taken for public use without the owner's consent, often through eminent domain or sudden destruction by nature. This process leads to the conversion of private property into a public asset or adaptation.
Lucas v. South Carolina Coastal Council is a landmark U.S. Supreme Court decision that established a 'total taking' test to determine whether a government regulatory action constitutes a taking that requires compensation under eminent domain.
In real estate, the term 'OFFSET' can refer to various contexts, including a reduction or counterbalance in value resulting from condemnation. It's often intertwined with terms like 'SETOFF' or 'SPECIAL BENEFITS,' relevant to compensation in property takings.
A Principal Broker is the licensed individual responsible for the overall management and operations of a real estate brokerage firm. They typically receive compensation in the form of profits, a salary, or a percentage of transaction commissions.
Regulatory taking occurs when government regulation limits the use of private property to such an extent that it effectively takes the property without direct compensation to the owner.
Setoff refers to special benefits arising from a condemnation that offset any damages that may have occurred to the property owner, balancing the advantages gained against the losses suffered.
