The law gives the government the power to take private property for its own purposes, but it must compensate the owners fair market value. For many property owners, getting a fair compensation offer is a second-best option to getting to not having to give up their property.
Domestic oil production has really ramped up in the U.S. over the last decade, particularly in places like North Dakota and Montana, both of which are located on the massive Bakken formation.
A man fighting against an agency in another state to keep his property from being taken gets to stay, at least for now. A judge in New Jersey has ruled that the state’s Casino Reinvestment Development Authority cannot invoke eminent domain on the house until it shows it really will redevelop the property.
In law school, students are taught to think of ownership over a piece of property to be like a bundle of sticks. Each stick in the bundle represents a particular right. Many people think of owning real estate to be an all-or-nothing proposition -- either you own it or you don’t. In fact, it is possible to own property while having limitations on your ability to do whatever you want on that piece of land.
While most people are well aware that the residential real estate market has made a significant recovery over the last few years -- much to the delight of homeowners everywhere -- they may not be aware that a similar renaissance is currently underway in the commercial real estate market.