Business, Legal & Accounting Glossary
n. the legal process by which a governmental body exercises its right of “eminent domain” to acquire private property for public uses (highways, schools, redevelopment, etc.). Condemnation includes a resolution of public need, an offer to purchase, and, if a negotiated purchase is not possible, then a condemnation suit. The government may take the property at the time of suit if it deposits money with the court in the amount of the government’s appraisal.
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This glossary post was last updated: 27th April, 2020 | 0 Views.