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.
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.
With over 3,000 definitions (and 30,000 Quizes!), our Lexicon of Real Estate Terms equips buyers, sellers, and professionals with the knowledge needed to thrive in the real estate market. Empower your journey today!