Once you have been alerted that the government is condemning your property, you may be wondering if you should accept their proposed settlement payment.
Pro Tanto Offer
In the end, you will always want to accept the money offered by the government for your property. If you don’t, you essentially must give up your home in exchange for nothing. Therefore, the question becomes when you should accept the settlement offer.
When the government engages in eminent domain or condemnation, they must offer the homeowner fair compensation in exchange for their property. However, the first offer is often a pro tanto offer. This means it is a partial payment of what the property is really worth. For example, if a property is appraised to be worth $100,000, the government may first offer the property owner $60,000. The property owner has the right to accept this initial offer and later sue for more.
Seeking The Full Potential Value
Because accepting the pro tanto offer does not take away the property owner’s right to seek higher compensation, you may accept the first offer.
Once you have accepted an offer pro tanto, you could later choose to move forward with a lawsuit to receive more money for your property based on its market value. To begin, you will need to file a petition with the court for an assessment of damages. A real estate attorney can help you with this process and advocate for you to receive higher compensation for your property.
Contesting The Condemnation
If you plan to contest the condemnation as a whole, you should always work with a real estate attorney. Real estate attorneys understand the legal process involved with condemnations and the rights of the homeowners. Eminent domain cases are complicated, but working with a legal professional will give you the best chance of a positive outcome.
Georgia Condemnation and Real Estate Lawyers
Receiving notification of the government taking your home is a stressful experience. It’s crucial that you get the compensation you deserve. Our attorneys at Miles Hansford, LLC are here to advocate for you through your real estate disputes. Discuss your situation with our team today by calling (770) 574-6688 or clicking here to set up a consultation.