Eminent Domain
Real estateGlossary term
Definition
The government's power to take private property for public use with just compensation to the owner. Used for infrastructure projects like roads, schools, and utilities. Property owners can challenge the compensation amount but rarely the taking itself.
Related terms
- Fair Market ValueThe price a property would sell for on the open market between a willing buyer and seller, both having reasonable knowledge of relevant facts. Determined by comparable sales, appraisals, and market conditions. Used for tax assessments and insurance claims.
- DeedA legal document that transfers ownership of real property from one party to another. Different types include warranty deeds (full title guarantee), quitclaim deeds (no guarantee), and special warranty deeds (limited guarantee). Recorded with the local government.
- ZoningLocal government regulations that determine how land can be used in specific areas, such as residential, commercial, industrial, or mixed-use. Zoning laws affect property values and what you can build or operate on your land. Variances may be granted for exceptions.
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