Under the power of eminent domain[1], a governmental entity can take business property as well as residential property. When that occurs, many North Carolina business owners are surprised to learn that business losses caused by condemnation are not factored into the offer of compensation. Unfortunately, except in rare instances, the government will not pay for lost business profits or for the interruption of business during construction.
Business Property Rights
It is important to speak to an experienced North Carolina business condemnation attorney to make sure that you are treated fairly and that you are paid what you are owed for the taking of your business property. The United States Constitution and North Carolina law provide that you are entitled to “just compensation” when the government takes your private property for a public use. The government will hire an appraiser and offer to purchase your property based on that appraiser’s valuation of your property. Unfortunately, in many cases, the government fails to recognize all of the factors that determine the value of commercial property. Not only are you losing a business location through eminent domain, but a loss of the property could also have a significant impact on the viability of your business.
There are a number of factors that can impact the value of your business. Some of the factors that may not have been considered in the government’s appraisal include:
• Commuter traffic
• Visibility to potential customers
• Location
• Parking
Contact a North Carolina Business Condemnation Attorney
The condemnation process can be long and confusing with risk and uncertainty, even for savvy landowners and long-time business owners. If you are a business owner who is losing their property to condemnation, contact a North Carolina business condemnation attorney as soon as possible. The lawyers of Sever Walker Padgitt, LLP, understand the commercial value of businesses and how they are adversely affected by eminent domain. Our team of experienced attorneys will develop an intricate plan, which may include business appraisers to address the manner in which your business has been negatively impacted, as well as other concerns specific to commercial clients. Please call today at 888-318-3761 for help.
References:
[1] https://constitution.findlaw.com/amendment5/annotation14.html
