Eminent domain refers to the right of government to take hold of private property for public use. Compensatation to the land holder will be based on appraisal from an appraiser selected by the government. The land owner has no right to withhold the property, nor any right to determine the price.
Real Estate Term Eminent Domain
- Published Sep 9, 2019
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This definition has been provided for general information purposes only and does not constitute legal, investment or other professional advice. You should seek the advice of a financial or real estate professional before making any type of investment.