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 quitclaim deed is a document that transfers property without a sale, according to Investopedia. It allows the grantor to release all interest in the property to the grantee.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 >
The executor of a will collects the assets of an estate, pays outstanding debts and taxes, and ensures that those named in the will receive the property that the decedent specified they should have, according to DoYourOwnWill.com. The executor may also oversee investments of the estate.Full Answer >
North Carolina repossession laws state that if someone is behind on payments or has failed to maintain any required insurance, the lien holder of the property has the right to repossess the property. However, they do not have the right to breach the peace during recovery.Full Answer >