What Is the Condemnation Clause? – Legal Magazine
Although they may not fit your circumstances, it is beneficial to know and be aware of. There is a clause called the condemnation one kind of condition you have be aware. In this short video you’ll learn all you need to know about the clause of condemnation as well as how it could affect you.
If a local government like a town, or city, decides to condemn a property, they have decided to take the property of a private owner for the purpose of using it for the public good. They can do this under the right and authority of eminent domain. The appraiser is the one who determines what is the fair market value for the property. If the property is just been sold through an installment loan, then there may be disagreement about who should receive the proceeds, either the owner who originally owned the property or the current owner. One way to resolve the issue is to reference the condemnation clause that should be included in the purchase note. It is a contract on what the buyer should do in this particular case. An attorney who specializes in condemnation can assist.