Owning property is a major endeavor for anyone, whether it is a personal home or property that they manage for leasing purposes. One thing is certain, though: no matter the property type or the length of ownership, a property owner intends to own their real estate property until it is sold or passes on to their heirs or beneficiaries after their passing. Unfortunately, there are times when property can be taken away. While many might be thinking of the foreclosure process for missed mortgage payments, what is being referred to is the power of the government to take private property.
This power is referred to eminent domain, and it can suddenly creep up on property owners when they least expect it. How can a property manager address eminent domain? While many do not realize this until they are in the process, it can be a very complex and tedious procedure to obtain just compensation for the property the government is taking. Yet, this is exactly what the law calls for when the government exercises eminent domain. Unfortunately, many property owners fall victim to having their property seized right out from under them, resulting in little to no recourse for them.
Whether it is a residence that has been in one’s family for generations or commercial property that is relied upon for income, this taking can create a major imbalance when it comes to a loss of these properties and a gain of real estate by the government. This is especially true when the value of the property is not matched by the compensation the property owner is given for the property taken.
Because this can mean a major financial hit for property managers, it is important to keep current on the value of one’s real estate properties. Because individuals often don’t foresee an eminent domain action coming, it can be valuable to not only monitor the markets but also understand what strategies are available for when and if such an action does occur.
Having valuable or meaningful private property taken by the government for public use can be an overwhelming event to navigate. Nonetheless, it is possible to strategize through this, which could help a property owner maintain complete ownership of their property. Whether you seek to stop a government taking or alter the terms of the taking, it is important to understand one’s legal rights and options in these matters.