Eminent domain is a legal concept that allows the Government to take private property in order to convert for public use. The Fifth Amendment of the U.S. Constitution provides protections for the private owner, in that it states that the Government may only use eminent domain if it provides just and fair compensation to the private property owner.
The power of eminent domain is usually invoked to benefit public-interest projects such as building roads, schools or for utilities installation.
Just and fair compensation given for seizing real estate property should be fair market value, which takes into account prices of similar properties in the surrounding area, and the payment should be made as promptly as possible.
|Power of attorney|
|Real Estate Agent|
|Statute of Limitations|