Eminent domain, the government’s power to take private property for public use, is happening more and more as the state of Minnesota funds new projects. While the government has the authority to take the property, the property owner can negotiate to determine the amount of compensation.
When negotiating an eminent domain case, consider the following steps carefully:
The fair market value of the property is often determined through an appraisal process. You may obtain your own appraisal to ensure that the government compensates you fairly and accurately.
Legal and real estate counsel
In eminent domain cases, it is critical to consult with both legal and real estate counsel who specialize in eminent domain cases, which is a nuanced and rapidly growing practice area. Ensure you seek and receive guidance on the valuation of your property and your rights in negotiating fair compensation.
Keep thorough records of your property’s value, proof, and receipts of all improvements you made over the years and any potential impact that the eminent domain will have on your business or lifestyle. This can be key in the negotiation phase.
It is critical to develop strategies that set you up for a successful negotiation. Working with your counsel to use your documentation and evidence to support a higher valuation, addressing potential errors in the government’s appraisal or negotiating for additional compensation for specific factors.
Understanding what compensation means in the government’s taking of your property is essential. You may be eligible for compensation for relocation costs, loss of business goodwill, and other related expenses, besides the fair market value of the property. Counsel can inform you of all relevant factors considered within compensation.
You can take legal action if negotiations come to a standstill or if you feel your rights are not adequately protected.
Remember that negotiating an eminent domain case requires a careful and informed approach. Consulting with legal and real estate professionals is essential to ensuring that you receive fair compensation for the government’s taking of your property.