The founders of the United States anticipated that the government may, from time to time, want to take over private property in order to complete a project on behalf of the broader public. They ultimately decided to restrict this governmental right somewhat in the Fifth Amendment of the U.S. Constitution, which insists that “nor shall private property be taken for public use, without just compensation.” Therefore, the process of eminent domain in the United States involves the government taking private property for public use and compensating the original owner of the property for that taking. Those who are facing condemnation actions as a result of eminent domain concerns generally benefit from working with an attorney experienced in these matters because seeking just compensation is not always an easy task. 

What Kind of Property Can Be Taken Via Eminent Domain? 

Ever since the nation’s first major eminent domain case – Kohl v. United States (1875) – most eminent domain actions have focused on real estate matters. However, it is important for anyone who owns property, from intellectual property to contract rights, to understand that the government’s eminent domain power is very broad. Both commercial and personal property rights – just like commercial and residential land, airspace, water rights, and other real property concerns – can be taken by the government via eminent domain as long as the affected property owner is justly compensated for the taking in question.

How Are Property Owners Compensated for Condemned Property?

As just compensation for condemned property is a Constitutional right of property owners, the government cannot simply pay whatever it pleases for a taking. Most of the time, a complete taking – in which a total parcel of land, property, or rights are being condemned – must result in a payment of the highest market rate available. By contrast, a partial taking – in which some but not all of a property owner’s land, rights, etc. are condemned – may be compensated justly based on the value of the portion of property that has been taken and/or compromised.

After months of searching for the perfect home, you have finally found it. You have made your offer, it was accepted, and now you are ready to move forward and complete the purchase. But before you can officially call a house your own, there is one final step in the process: closing. If you are a first-time homebuyer, the closing process can be intimidating. Fortunately, with a little knowledge and some preparation, it does not have to be so scary. Today, we will take a look at what happens during a typical home closing—and what role an attorney plays in it all.

What Happens During Closing?

Closing is the final step in purchasing a home. It involves signing all of the necessary paperwork to make the sale official and transferring funds from buyer to seller. At closing, both parties sign all relevant documents, such as loan agreements and deed transfers. The buyer pays any remaining balance due on their mortgage loan (if applicable), plus any other fees or taxes associated with the transaction. Once all documents are signed, the title is transferred to the new owner, and keys are handed over.

Who Is Present at Closing?

The individuals who attend closing vary depending on local regulations and practices—but generally speaking, buyers and sellers will both be present along with representatives from their respective lending institutions (if applicable) and the title company. Attorneys for both the buyer and seller may also be present. Additionally, anyone else who has played a role in helping you purchase your new home, such as real estate brokers, may also be invited or allowed to attend or observe the proceedings if they wish. 

For business owners and entrepreneurs, commercial leasing is often the first step in establishing a physical presence for their company. However, what many first-time commercial tenants do not realize is that disputes with their landlord are not uncommon – and can often be quite costly if not handled properly from the outset. If you are currently involved in a commercial landlord/tenant dispute or are simply looking to avoid one in the future, make sure to consider the following.

Take a Proactive Approach to Commercial Lease Agreement

Preventing disputes between landlords and tenants is always preferred to dealing with these issues once they have already arisen. There is no way to completely eliminate the risk of landlord/tenant disputes. However, proper preparation can dramatically mitigate the risk of future disagreements and legal disputes.

When it comes to commercial lease agreements, the old adage “the devil is in the details” has never been more accurate. For tenants, this means that a thorough review of your lease agreement – with the assistance of an experienced real estate attorney – is essential prior to signing on the dotted line.