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Inverse condemnation is a legal concept and cause of action used by property owners when a governmental entity takes an action which damages or decreases the value of private property without obtaining ownership of the property through the use of eminent domain. Thus, unlike the typical eminent domain case, the property owner is the plaintiff ...
Inverse condemnation is a term which describes a claim brought against the government in which a property owner seeks compensation for a `taking' of his property under the Fifth Amendment. In states that prohibit uncompensated taking or damaging, physical damage to property is included in this definition.
Market value is the prevailing, but not exclusive measure of determining the just compensation owed to a landowner under the Fifth Amendment. Fair Market Value is defined by appraisers as the most probable price, in terms of cash that would be paid by a willing buyer to a willing seller, each being fully informed of the property's good and bad features, with the property being exposed on the ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
When private property is destroyed, condemned, or disposed of, the owner may receive a payment in property or money in the form of insurance or a condemnation award. [22] If property is compulsorily or involuntarily converted into money (as in eminent domain) the proceeds can be reinvested without payment of capital gains tax provided it is ...
An Act to authorize the condemnation of lands for sites for public buildings, and other purposes (25 Stat. 357), commonly known as the Condemnation Act or the Act of August 1, 1888, is a federal statute adopted by the 50th United States Congress and signed into law on August 1, 1888, which authorizes federal officials to seek eminent domain condemnation of land for the purpose of erecting ...
Examples of usage in real property damage: Diminution In Value Appraisals used extensively by the legal and title industry in assessing damages. Elliott and Company DIV Appraisals. Courtney vs. Publix, Florida District Court of Appeal, (2d Cir.), No. 2D00-1485, 2001.FindLaw; and Kanner, Equity in Toxic Tort Litigation: Unjust Enrichment and the ...
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an improvement or fixture) to be considered part of the real property, it must be integrated with or affixed to ...