When you learn that the government wants to take your business land, this can leave you feeling so many emotions at the same time. In such a situation, many feel confused and don’t know what to do. However, if you take the right steps, you can protect your rights and your business.
Let’s talk about what you can do to protect your business if your commercial property is targeted for condemnation.
Contact an Eminent Domain Attorney Right Away
First, you should talk to a lawyer who understands eminent domain law. This is because it is not the same as regular real estate law. You can visit https://corporatefinanceinstitute.com/ to read more about eminent domain.
An experienced attorney will help you understand what the notice means and what options you have next. They can also deal with the agency that is giving you the notice, so you don’t feel pushed or rushed into making a bad deal. Also, because government or company paperwork can be confusing, your lawyer will make sure you don’t sign anything too soon.
In addition, you don’t have to worry about your lawyer fees. In many states, you can get your legal fees back as part of the compensation. So, it may not cost as much as you think to get legal help.
Get Your Own Property Appraisal
An appraiser will be sent by the government, but that person does not work for you. Their job is to keep the price low for their own benefit, which means you might not get a good deal. This is why we recommend you get your own appraisal. Doing this will help you know how much the land is really worth and how the taking will impact your business.
A good appraiser will look at things that aren’t always obvious. This might include how losing parking or access could hurt your income. They will also consider the future use of the property, which can raise its value. Once your lawyer has this appraisal report, they can use it when they negotiate your compensation.
Do Not Rush or Give in to Pressure
When owners get the first notice, it can be scary because it seems like it needs to be done right away. However, in most cases, you have more time than you think. Though the first offer may seem like the best, it’s not always the case.
There is no such thing as a one-time offer, even if someone tells you that you need to act now. Therefore, before you sign anything, you should talk to a lawyer who knows the rules of eminent domain. You can avoid big losses if you wait long enough to understand your rights.
Review the Impact on the Remaining Property
Sometimes, the government only takes a small piece of land and doesn’t take the whole thing. After the Commercial property targeted for condemnation has been taken, what’s left may lose value. This might be due to access changes, or the layout no longer works. For example, a restaurant may lose parking, or a delivery site may lose enough space for large trucks.
You might be able to get more compensation if the land you still own becomes less useful. This is called damages to the remainder, and it can be a major part of the claim. Your lawyer and the appraiser will help you figure out if this applies to your case and how much it could be worth.
Know When You Can Challenge the Condemnation
Most of the time, you can’t stop the approved group from carrying out the condemnation, but sometimes you can. For every case, the government has to prove that the project is legal and meets a real public need. If those rules are not met, the condemnation could be called into question in court.
Some owners have won cases when the project did not follow proper steps or when the taking was not needed. Since each case is unique, it is important not to assume how things will turn out before talking to a lawyer. Your lawyer can help you figure out if this applies to your situation.
Stay Organized and Keep Records
Keeping clear records will help your case from the very beginning. So, from the moment you get the notice, keep every letter, email, and note from everyone involved in the process. You should also write down visits and phone calls; they may come in handy later.
Keep your appraisal, business records, and property documents in a safe place. Your lawyers will be able to build a stronger case if you stay organized. Keeping good records can also help you feel more in control when things are tough. You can read this article for more tips on how to organize and store your documents.
Conclusion
It can be overwhelming to learn that someone wants to take your business land, but you are not alone, and you are not powerless. When a commercial property is targeted for condemnation as part of a public project, what you do at the beginning can affect how much you get paid in the end. By following the steps we’ve shared in this article, you can protect your rights and avoid making a hasty decision you’ll later regret.