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
Beneficiaries require a probate process even where a will exists, as the title of the property to a deceased individual's estate can only be legally transferred by a court, explains FreeAdvice.com. Additionally, certain localities require a probate process for some types of estates.Full Answer >
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 >
People use legal forms when selling, purchasing or renting property, lending and borrowing money, delegating legal authority and estate planning, explains Nolo. Free printable legal forms are available for download at USLegalForms.com, AllLaw.com, LawDepot.com and FreeLegalForms.net.Full Answer >
In the state of New York, a squatter may gain adverse possession of a property if he occupies the land for a period of 10 years in a manner that is "actual, open and notorious, exclusive and continuous," according to the Touro Law Review.Full Answer >