Eminent domain allows cities and other government entities to conduct major construction projects that require property that the entities do not already own. These types of projects often include stadiums and multi-use complexes that have the potential to contribute significant tax revenues to those entities.Know More
The U.S. Supreme Court upheld the right of local government entities to take over properties for the purposes of economic development, as long as they provide the former owners of those properties with fair market value in the transaction. The specific case featured the condemning of homes by the city of New London, Conn., in order to allow private entities to develop the area. The condemned homes had significantly lower property tax values than the private development was proposed to have.
The advantages of eminent domain are not universally supported. Because eminent domain allows the government to take away property from citizens, the process causes anger and frustration, as the local government entity is also in charge of setting the "fair market value" of the property; however, the end result of the transaction, which is generally a newer, more attractive (and more lucrative) property, benefits the community, which serves as the motivation for eminent domain.Learn more about Law
A quit claim deed is when a person transferring property makes no guarantees regarding his interest in the property, explains LegalZoom. Unlike a warranty deed, where the seller warrants his interest in the title, a quit claim deed lacks warranty, says Fortenberry Law.Full Answer >
Give the letter-writing date, your name and address, the name and address of the landlord or mortgage lender, the name of the person renting or buying the property and the address of the property, advises SFGate. Mention personal information, such as your income and assets, that qualifies you as a guarantor.Full Answer >
Squatter's rights confer ownership of real estate on a person who occupies someone else's property for a set amount of time, under certain conditions. The underlying legal principle is adverse possession, an idea that dates back hundreds of years to British Common Law, notes Mental Floss.Full Answer >
The Ohio State Bar Association states that Social Security benefits are considered marital assets, which means that they have to be equally divided as part of an equitable division of property. Social Security benefits are a type of deferred wages that are accumulated during a marriage and held for future distribution.Full Answer >