Essential Knowledge On Eminent Domain For Small Business Entrepreneur
Eminent domain is the process that involves the right of the government to use private property for the public purpose. For instance, in the United States more so in Milwaukee there are a lot of people with cars and the government is required to develop and maintain roads necessary to withstand this growth in the population. The private properties have values and are very beneficial to any country as the government will in many times take these properties for public purposes such as building new public premises or expanding the existing properties to enhance smooth running and accommodation of the economic growth of a country.
Legislature of any country ought to pass statute laws to ensure private property owners are protected and treated with equity when it comes to the process of acquiring their property by the central government, a good case study being the government of Wisconsin in the United States. The business should have existed for at least five years to be able to claim for any damages, losses, and drawbacks that would be caused by the government taking their property and it should be ensured that the claimed amount meet the projected loss to the business coming to an end.
Government must pay the business individuals the worth of their properties such as the land that the organization is located and the losses that include projected business damage claims.
When it comes to matters of evaluating the value of a property at http://commercialpropconsultants.com/, small business owners prefer a government evaluator since in most cases the appraiser is not biased in making estimates and has no information essential for estimating the real value of business owner property.
On the other hand, the government appraisals tend to be low as they take inadequate account of the escalating real estate market and for over the last ten years, industrial and commercial properties have experienced rapid increase in value and as the business owners are entitled to know the benefits of this increase in value if the government wishes to acquire their properties.
Many business people are surprised to know that the government can take their property for its own use and thus they need to understand that they are entitled to fair market value as well as costs associated with estimating fair market value such as attorney's fees and appraisal costs hence making the property owner whole.
The government should rather take the whole land from the business than taking part of the business since this limits the business from being accessed by customers and future expansion.
Attorney does not stop the government from taking property from business owners but in one way helps to significantly minimize its scope and business individuals ought to hire one at http://commercialpropconsultants.com/contact-us/.