By Fabi R. Gomes | June 11th, 2019
If you are a Texas homeowner, you may someday receive an unexpected knock on your door from the government trying to take some, if not all, of your property.
The Fifth Amendment stipulates that the government may only exercise the power of eminent domain if they provide fair compensation to the property owner(s). As such, this action can be one of the most profitable real estate transactions a person makes–due to the government’s obligation to pay full compensation based not only on fair market value, but also business damages, compensation for attorneys fees, appraiser fees, engineering and other expert fees, moving costs, business damages, and other compensable items. A property owner can also receive from non-monetary benefits such as, but not limited to, additional time to stay on the property after the legal transfer to the government.
The action is initiated by the government as a necessity, by either litigation or negotiation. In rare instances, the property owner can fight the government under constitutional or statutory law, but those efforts are rarely successful.
Eminent domain law has its own set of rules, deadlines, and procedures a property owner must follow. A prudent property owner will retain a team of experts to properly evaluate the situation and present their client’s best case against the team of consultants hired by the taking authorities.
If the government is threatening your property—either directly or indirectly—contact us. CBHarper is committed to helping property owners in every single way, and we pride ourselves in maintaining relationships with outstanding third parties and law firms that may be able to help maximize an owner’s recovery in an eminent domain action.
Coldwell Banker D’Ann Harper, REALTORS® can be reached at (210) 483-7581 or firstname.lastname@example.org and has been an affiliate of the Coldwell Banker franchise system for over 30 years.
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