Condemnation 2019-05-20 08:00:00

Condemnation

Condemnation is the seizure of property by a public authority for a public purpose. Condemnation typically occurs when a taxpayer owns property in a place that has been designated for public use or construction.

In this context, condemnation refers the act of a government entity claiming private real estate for public use through a right known as eminent domain. In this context, condemnation does not refer to a property being deemed unfit for inhabitants.

An example of condemnation would be a local government taking a portion of a retail property’s parking area in order to widen a public road. In the case of condemnation, the seizing entity must compensate the property owner for the taking, but does not require their consent.

 


1031 Exchange Guidebook

1031 Exchange Guidebook

The 1031 Investor's Guidebook