The eminent domain provides the government the right to compensate for a private property owned by a citizen to use it for public welfare and development. One way or the other, the government will try to take over your property if it is required for the development of public use. However, there is nothing to worry about as the compensations provided by the government for your private property will be way more profitable than what you can actually sell to a real estate agent. This is because the government is obligated to pay full compensation to the property owner if they really want to occupy their land. The government may also pay for the moving costs, engineering, appraiser fees, attorney fees, and other compensation requirements demanded by the owner if proven legit. But, one should always be careful about negotiations, and one bad move can result in bad compensation. Here are the mistakes that you should definitely avoid during an eminent domain action.
Negotiating without a consultant
Most people do not feel the need to hire a consultant for themselves as they feel they know about their property more than anyone else. But a team of attorneys, appraisers, engineers, contractors, surveyors, and business damage experts will always be beneficial in identifying the true worth of your home. You will have to deal with the appraise from the government’s side, and it is best that you have a consultant of your own to counter their proposals with better ones. The taking authority will pay for the fees of consultants you hire, so never let the deal done without a consultant of your own.
Learn what is compensable
People often make the mistake of understanding what is compensable. Eminent domain has a list of rules to identify what is compensable and what is not. Make sure you know these regulations or take the help of an expert, or you can face a loss of what you could compensate. Some compensable like business damages is something you should know when you are selling small business property.
Ask for non-monetary benefits
Do not forget to ask for the non-monetary benefits like adding a curb cut to the roadway design, additional time to stay in the property after compensating, and other such benefits. Use expert guidance to learn about every non-monetary benefit that you can get from your deal with the government.
Understand the eminent domain procedure
If you fail to understand the procedure of eminent domain, you may face troubles while moving or getting the right help. Learn about the deadlines and procedures properly to ensure maximum recovery for your property during the compensation. Be sure to have the right signs up, we suggest metal signs to stand up to the weather.
Do not hire the wrong consultants
Make sure that you are taking help from a professional who has dealt with eminent domain for several other clients. Take referrals from your neighbors to find a consultant that can get you the best deal. Hiring a bad consultant who cannot communicate your requirements properly to the taking authority can cost you in at the negotiation table.