What Is Condemnation in Real Estate?
In real estate, condemnation can be one of the most complex and confusing situations that you could ever find yourself in. As with any issue regarding property rights and ownership, there are many factors that can contribute to the cause of condemnation, as well as different ways to go about the process itself. In this article, we will attempt to answer what condemnation in real estate is and why you should care about it, as well as offer some tips on how to handle it if it ever comes up in your life. What is Condemnation? Condemnation is the acquisition of private property by a public entity through eminent domain. Condemnation is the legal process by which the government takes private property for public use. The government needs to follow a series of steps before they can take any land. First, they have to give written notice of their intent to take the land, then they have to pay the owner fair market value for the land, and finally they need to provide some type of replace...