Eminent domain is a legal process wherein the government takes the private land of an individual for public use and provides that individual with just compensation. For a person who loses their home or the property that they have worked hard to develop through eminent domain, no amount of compensation may seem just. In Florida and jurisdictions throughout the nation, just compensation is often based on the value of the property at the time of the taking.
Contracts put into words the agreements that Florida residents make in many different areas of their lives. They may sign contracts when they accept new employment, and they may execute contracts when they hire contractors to do work on their homes. Contracts may be used when children are put into day care, when vehicles are bought, and when business entities agree to work together. Contracts are everywhere, including the real estate world.
Owning a commercial property can be a lucrative endeavor for a Florida resident. When a commercial property is rented to capacity, its owner may enjoy significant rental income for the term of their standing leases. However, getting commercial space rented and finding tenants who will abide by the terms of their leases can be a hard process to complete.
Zoning is a topic that can frustrate those who work in the real estate field. While it is intended to provide land owners with the consistent use of similarly situated properties, zoning can thwart development and render parcels unusable by owners whose plans do not conform to the regulations that attach to them. Florida residents who are not willing to give up on using their land for purposes that fall outside their zoning plans may wish to learn more about variances.
As a property owner, you dutifully paid your taxes and obeyed local and state laws. You never expected that the state of Florida would claim your building through eminent domain. But now, your private property is facing condemnation. You feel powerless, angry and overwhelmed by this turn of events.