If you own real estate, be it residential or commercial, you likely have plans regarding how long you plan to hold onto your property. And typically, if you are able to keep up your payments on the property, or if you own it outright, you should be able to call your own shots. But what happens if the government decides your home, rental property or business is located on land it wants for other purposes?
The government has what is known as “eminent domain,” which allows for the acquisition of private property for the development of projects that are considered in the public’s best interests. These projects can include improvements to sewer systems, roads, communications and power lines. On the whole, eminent domain provides essential benefits for the community, but it could create complications for those who own the land in question.
Fortunately, the government is required to fairly compensate property owners for their holdings. Both the government and a property owner can use their own resources to determine the property’s fair market value. Property owners tend to depend on the services of an appraiser and an attorney to establish a reasonable price.
However, if there is a strong disagreement on the price, then the parties may have to enter condemnation proceedings to definitively determine the party’s fair market value. And in such a situation, a property owner could greatly benefit from the representation of a real estate attorney.
If the government is looking to secure your property through eminent domain, an experience Ohio real estate attorney could help you get an accurate assessment of your property’s value and represent your interests to help you get a fair price.