Getting Fair Compensation For Your Property
When the government or a private developer decides to try to take your property under the power of eminent domain, the law requires that fair compensation, known as “just compensation,” must be offered.
Determining what constitutes “just compensation” is often at the heart of challenges to eminent domain. In our experience, the condemning authority – the government or private developer – may try to pay the lowest amount possible for your property. However, this may not always be the amount that you deserve.
Just compensation is typically defined as the fair market value for your property. The fair market value is considered to be the highest price that a willing seller could get for a property from a willing and knowledgeable buyer.
The fair market value does not consider what the seller would like to get for the property or the sentimental or other value that the seller attaches to the property.
Determining Just Compensation
When you are notified that the government wants to take your property under eminent domain, you may feel compelled to accept the first offer. However, this may not be in your best interest, and it may not constitute fair compensation.
In our experience, the government will often try to get the property for the lowest amount possible and may not factor in all the complex factors that determine your property’s value.
A qualified eminent domain lawyer can help you get the expert advice you need to determine just compensation, from experts such as:
- Land planners
- Civil engineers
- Real estate agents
Each of these experts can offer an independent evaluation of your property and, if applicable, make the case for why you deserve more compensation.
Real estate valuation is not an exact science. The government will hire agents to evaluate your property, and they may make the case for a lower valuation of your property. You should have experts working hard on your side to defend your interests and try to get you the compensation that you may deserve.
North Carolina Eminent Domain Lawyers
At the North Carolina Eminent Domain Law Firm, we have experienced eminent domain lawyers that may be able to help you fight the taking of your property or to try to get you the additional compensation that you may deserve for your property.
Our lawyers work on a contingency fee basis, which means that we recover our attorney’s fee from a percentage of the additional amount we secure for you over what the government offered. That means that if we don’t get you more money for your property, we don’t recover an attorney’s fee.
You don’t have to accept the government’s offer for your property. Don’t be fooled by an appraisal the government shows you that may be undervaluing your property. Call the NC Eminent Domain Law Firm to find out if our North Carolina eminent domain lawyers can help you! Call 1-877-393-4990 right now to get a free evaluation of your case!