Across the Fence is an appraisal technique used when evaluating property in condemnation situations, estimating the property's value based on the use of adjacent land.
Actual damages represent the compensation for losses incurred as a direct result of condemnation of private property. These damages cover only the tangible and concrete losses, excluding any indirect, severance, or consequential damages.
Alienation refers to the conveyance or transfer of title and possession of property. This can be voluntary, i.e., carried out by the owner, or involuntary, without the owner's consent, such as in the event of condemnation.
The Appraisal Date, or Effective Date of Appraisal, is the specific date on which the appraised value of a property is based. This date can impact the value derived in the context of historical price trends, market conditions, and other relevant factors.
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.
A condemnee is a property owner who is required to forfeit all or part of their property to the government or a governmental authority through the process of condemnation.
Displacement in real estate refers to the involuntary movement of population due to the conversion of their homes to other uses. This can occur due to various factors, including legal actions like condemnation, urban renewal projects, redevelopment initiatives, and natural disasters.
In real estate condemnation, an economic unit refers to whether some or all of the property taken has a different highest and best use than the larger parcel.
Eminent domain is the power of the government or its delegate to take private property for public use, with the requirement that the owner is fairly compensated. This legal principle ensures that essential public projects can proceed while protecting the property rights of individuals.
Expropriation refers to the seizure or takeover of private property for public use by an entity that possesses the legal authority to do so. Typically, this action is undertaken by governments or other regulatory bodies under the justification that the property is needed for public utility.
Fair market value (FMV) is a critical concept in real estate, representing the estimated price at which a property would sell in the open market under normal circumstances. It is commonly used in property tax assessments, sales valuations, and condemnation proceedings.
The Federal Rule is a method utilized in determining just compensation for property seized through condemnation. This rule is specifically applied in federal condemnation cases and various state cases. It is often referred to as the 'before and after' rule, representing the value difference of the property before and after the taking to determine fair compensation.
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.
Just Compensation refers to the amount of money paid to a property owner when their property is legally taken by the government under the power of eminent domain. The payment is intended to be equivalent to the Fair Market Value of the property taken.
In condemnation proceedings, the larger parcel refers to the overall property from which the condemned property is taken. It includes properties that are affected, although not actually taken, to determine severance damages.
A landmark 5–4 Supreme Court decision in 2005 affirming the constitutionality of a condemnation of land for the economic development of the town. The case, known as Kelo v. City of New London, sparked significant changes in eminent domain laws across various states.
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.
Partial taking refers to the acquisition by condemnation of only a portion of a property or specific property rights, rather than the entire property.
Police power is the inherent authority of a governmental body to enact and enforce regulations to ensure the order, safety, health, morals, and general welfare of the public.
Relocation benefits refer to payments made by the government to occupants who are forced to move due to a condemnation action. Condemnation is the legal process by which the government takes private property for public use through eminent domain. These benefits are designed to cover the costs associated with moving to a new location and are provided to anyone affected, including property owners, tenants, and other non-owner occupants.
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.
Severance damages compensate for the reduction in value suffered by a property owner when part of their property is taken through condemnation, often ensuring that they are fairly compensated for the resultant loss and inconvenience.
A method for determining just compensation for condemnation prevalent in many states, providing a detailed procedural framework for property valuation unlike the more general Before-and-After Rule.
In real estate, 'Taking' refers to the acquisition of a parcel of land through condemnation, or the application of restrictions that preclude any reasonable use of the land.
In the context of real estate and eminent domain, an uneconomic remainder refers to the portion of a property left after a partial taking by condemnation, which has little or no value in the marketplace. This typically occurs because the taking leaves the remainder with limited access, or an irregular shape or size that renders it unusable.
The stated application intended for the information included in the appraisal. Appraisals can serve various purposes such as condemnation, liquidation, or mortgage collateral.
Understanding the value of a property before and after a taking is crucial in matters of eminent domain and just compensation.
