Someone threatening to file a lawsuit against you can be very scary, especially when the party threatening is the State or City. You should not let that fear deprive you of full and fair compensation for your property when you are threatened with condemnation.
When the state, city, county or private condemnor takes your land for a public purpose, they are required to pay just compensation. Just compensation means they must pay you the fair market value of the land taken, and must also pay you for the decreased value of your remaining land. You have no obligation to take the first offer made to you, and you should not do so. Like anyone buying land, the State or City want to get your land as cheaply as possible! Rather, you should hire an experienced attorney to represent your interest and get you the best possible price for your land.
When the State or City files a lawsuit to condemn your property, they must deposit the amount they have determined to be just compensation. This is your money to keep (you may have to pay it towards your mortgage if you have one), and you get to go to court to get the additional compensation owed to you.
Click here: http://www.wfmynews2.com/traffic/311-bypass-project-to-impact-more-than-100-triad-properties-/467158947 to see Greensboro Law Center lawyer Jeff Peraldo talking about a current condemnation project.
If your land has been condemned, or if condemnation has been threatened, call the lawyers at the Greensboro Law Center for a free consultation.