At Equity Real Estate we know that real estate terms can sometimes be confusing. We are going to share with you some common real estate terms and their meanings to help give you a greater understanding when you are trying to buy or sell a home.
*Condemnation: 1. taking private property for public use with compensation to the owner under eminent domain. Used by governments to acquire land for streets, parks, schools, ect., and by utilities to acquire necessary property. Compare appropriation.
Example: Abel's home is in the right-of-way of the new highway. When Abel refused to sell, the highway department acquired the property through condemnation, paying Abel an amount based on a fair market value appraisal.
2. declaring a structure unfit for use.
Example: The state health department, acting through its condemnation powers, prevented use of an old, dilapidated shack because of violations of the housing code.
At Equity Real Estate we are here to help you navigate the home buying and selling process. Give us a call with any questions!
*Barron's Real Estate Guides; Dictionary of Real Estate Terms