Eminent Domain

Real Estate Mortgage Insurance
 
 

Definition of "Eminent domain"

Governmental right to take private property for public use as long as fair compensation is paid to the owner. Roads, parks, public parking, and other public and social purposes are obtained in this manner. A condemnation proceeding is required when the government exercises this right.

Have a question or comment?
We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 
 

 

Popular Real Estate Terms

Value After The Taking

Worth of the property part which is left subsequent to a condemnation action. ...

Public Syndicate

group of at least two people or businesses combining to engage in a real estate project that would exceed their individual financial abilities. A syndication allows earning to be ...

Economic Value

Worth of property based on the relevant economic factors (e.g., state of the economy, unemployment rate). ...

Mobil Home Construction And Safety Standards Act

Federal act passed in 1974 regulating mobile homes. The act defines a mobile home as a "Structure, transportable in one or more sections, which is eight body feet or more in width and is ...

Square Foot Method

Represents a means of appraising a building by simply multiplying its square foot cost by the total amount of square feet in the structure being evaluated. Two or more buildings may then be ...

Environmental Impact Statement

Report that contains information regarding the effect of a proposed project on the environment. ...

Unities

Peculiarities necessary to form a valid joint tenancy. They are unity of time, title, interest, and possession. ...

Standard Depth

Depth of land used as standard to appraise its value. An example is 100 feet used for residential land. ...

Popular Real Estate Questions

What Happens When A Property Starts To Depreciate?

When a property depreciates it declines in the value of the property due to poor location, dilapidation, or other factors. ...

What Is A Point?

A point is equal to 1 percent of a loan amount. Lenders charge points in exchange for lowering the interest rate. ...

How To Calculate The Fair Market Value Of A Property?

Wondering how to calculate the fair market value of a property? It helps if you understand that it’s all about an estimate; you’ll hardly bull’s-eye-it. Fair market ...

What Is A Front-end Ratio?

A front-end ratio is a ratio of the borrowers monthly housing expenses-including principal, interest, property taxes, and insurance (OITI)-compared to the borrowers gross, pretax monthly ...

What Is A Title Search?

A title search is the process of reviewing court records and other records to ensure that there are no liens or claims against the property you are buying. ...

Do Real Estate Agents Get Paid Hourly?

So, do real estate agents get paid hourly? – you ask. Listen, currently, it’s difficult to answer how do real estate agents get paid in the first place. There’s been ...

What Is A Negative Amortization?

A negative amortization is a type of loan situation that occurs when the monthly payments do not cover the principal or interest. Instead of declining, the balance of the loan actually ...

What Is An Inspection?

An inspection is a close and thorough examination of a house and property. A licensed individual usually does the inspection. ...

Find a Real Estate Agent

RealEstateAgent.com reviews
Read why Real Estate Agent rates 5 Stars in over 20 Agents Reviews
Read Reviews

Agents join here
Add real estate terms app
on your Website

Real Estate Advice

Living near an airport: the good and the bad Essential Home Items Your Place Might be Missing Working Couples in Real Estate Things Home Sellers Should NOT Do Best Cities for Families

FAQ

Is a beach house a good investment? What is an overall debt ratio? What is a FHA mortgage? What is a housing ratio? What do I need to know about Renters Insurance, and what does it cover?