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.
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.
The allodial system is a legal framework that grants individuals full property ownership rights. It is one of the foundational principles underlying property rights in the United States.
The Before and After the Taking provision is found in many states' condemnation laws and provides compensation to property owners based on the difference in property market value before and after the taking.
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.
A condemnor is a government or agency with governmental authority that is empowered to take private property for public use upon payment of just compensation, typically in the process known as eminent domain.
Confiscation involves the seizure of private property for public use, primarily by the government, although it can occur under other authorities. It is not the same as eminent domain as it often occurs without compensation to the owner.
Constitutional rights in real estate refer to the guarantees provided by federal or state constitutions, such as the payment of just compensation to property owners in eminent domain proceedings.
Direct damages refer to the compensation paid by a government entity for the value of land and improvements taken through eminent domain proceedings. It contrasts with indirect damages and severance damages.
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.
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.
An appraisal principle stating that the value distribution of a uniformly deep commercial lot is such that 40% lies in the front quarter, 30% in the next quarter, 20% in the third quarter, and 10% in the last quarter. This rule is essential in assessing property value for compensation in eminent domain cases.
Inverse condemnation is a legal procedure used to obtain compensation when a property interest has been taken or diminished in value by a government activity. It compels the government to pay the owner for such interference.
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.
A landmark U.S. Supreme Court case that defined the parameters for the government's use of eminent domain to transfer land from one private owner to another for economic development.
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.
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.
Necessity, often referred to as Public Purpose, encompasses the concept that certain conditions justify governmental actions, such as expropriations, to serve the broader needs of the community.
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.
Partial taking refers to the acquisition by condemnation of only a portion of a property or specific property rights, rather than the entire property.
Public Purpose is the justification that the government must establish in its powers of Eminent Domain to acquire private property, demonstrating that the property will be used for the public good.
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.
In real estate, a remainder refers to the portion of an estate that takes effect after the termination of a prior estate, such as a life estate. It can also denote the part of a property retained by the owner after a partial acquisition by the government through eminent domain.
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.
Special Benefits are those affecting the untaken portion of property in a partial condemnation, benefiting the owner disproportionately compared to the general area. The value of special benefits may reduce a condemnation award.
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.
Understanding the value of a property before and after a taking is crucial in matters of eminent domain and just compensation.
