Category: Real Estate Terms
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Understanding The Assessed Value Of A Home: 15 Key Reasons For Home Buyers
When you are looking to purchase a property, there are many factors to consider in determining whether you can afford it and if it is worth the seller’s asking price. One essential aspect to examine is the assessed value used for tax purposes. This valuation helps you understand how much you will owe in property…
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Primary Home vs. Investment Property: A Guide
When exploring real estate, it is crucial to distinguish between a primary residence and an investment property. Each serves a unique purpose in one’s financial and personal life, impacting decisions from tax filings to future financial planning. This article aims to shed light on these differences, guiding homeowners and investors through the intricacies of real…
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Kelo Vs. City Of New London: A Case Of Eminent Domain Abuse
In 2005, the Supreme Court handed down a landmark case that many felt exemplified an outright abuse of the eminent domain clause in the Constitution’s Fifth Amendment. No other case has caused such outrage about the abuse of eminent domain. The Supreme Court decision in Kelo v. City of New London has brought to light…
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Understanding Assessed Home Values And Why It Matters
If you’re looking to purchase a home or property, especially for the first time, navigating the myriad of legal terms and jargon can be overwhelming. One critical distinction that often confuses new buyers is the difference between the assessed value of a home and its market value. Although these terms might appear to refer to…
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Understanding The Fifth Amendment, Eminent Domain, Condemnation Of Property
Individual property rights are robustly protected under the Fifth Amendment to the United States Constitution. This Amendment, part of the Bill of Rights added in 1791, ensures citizens’ freedoms and property security. However, it does allow for certain exceptions where the government can take private property under specific circumstances. The doctrines of eminent domain and…
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The Complex Issue Of Condemned Properties In The United States
I lived in a 130-year-old farmhouse that my parents diligently maintained. Despite my sisters joking that the house could have been condemned, the truth is that it was kept in good condition and passed inspection when sold. This experience brings to light the broader issue of property condemnation, a complex and often misunderstood aspect of…