Mortgage Glossary
Eminent Domain
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Eminent domain is the government's power to take private property for public use, provided the owner receives just compensation.
What Eminent Domain means
Used for roads, schools, and utilities, eminent domain requires fair market payment. Owners can contest the valuation. It rarely affects a typical purchase but can influence value near planned public projects.
Florida example
A Florida homeowner whose backyard strip was taken by eminent domain for a road widening received an appraisal-based payment for the affected land.
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