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.
Special benefits in real estate refer to the specific advantages or privileges that accrue to a property, which can enhance its value and desirability. These benefits can stem from various sources including legal, physical, and economic factors.
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.
