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What is Eminent Domain in Real Estate?

What is an eminent domain in real estate? How does eminent domain work? How does eminent domain compensate homeowners? ✅ 🎓💯Make studying for the real estate exam EASY: https://bit.ly/46L59T9 In this video, we explore the definition of eminent domain and examine how this law is used. Eminent domain is the government's right to take away private land for public use. Once the property is taken away, it becomes condemned, and demolished for improvements to the land. The types of improvements the government can make must be for public use. That means highways, parks, schools, or anything else that could be placed use in the public domain. Homeowners who are subjected to eminent domain are compensated for their homes at fair market value, also known as "just compensation." In other words, homeowners have compensated money for what their house would sell for on the open market. There is a likelihood that eminent domain will pop up on your real estate exam. If it does, remember these two important parts of the law: 1.) the government's right to take away private land for public use (i.e. highways, parks, schools...) and 2.) homeowners subjected to eminent domain are compensated for their home at fair market value. Eminent domain is a powerful right the government has in real estate, which is also controversial to some. Can you imagine your home being taken away from you? Chapters: 00:00 - Intro 00:45 - What is Eminent Domain? 01:52 - How does Eminent Domain Work? 02:39 - What is Fair Market Value or Just Compensation? 03:56 - Eminent Domain Example 05:13 - Quick Review #EminentDomain #EminentDomainLaw #RealEstateTerminology _____________________________________ FOLLOW US ON SOCIAL MEDIA: • Facebook:   / usrealtytraining   • Twitter:   / carealtytrain   • Instagram:   / carealtytraining   • LinkedIn:   / ca-realty-training   _____________________________________ Like and subscribe (and hit the bell icon!) that's the best way to get notified when we release new helpful videos like the one you just watched. Doing so helps our channel grow so we can continue producing great content to help you take your real estate career to a new level. It also helps other people interested in real estate find our channel so they can learn more about the world of real estate like just like you are. Thanks for watching–we'll see you on the next video!