Can I be forced to sell my property for less than the fair market value?

In South Carolina, the answer to the question can be yes, depending on the circumstances. Since the state of South Carolina has the right of eminent domain, it does have the right to acquire property for public purposes, although it does require the owner to be receive “just” compensation for the value of the property. That does not necessarily mean fair market value as defining “just” may include other factors, such as the need of the property for a public purpose. For example, if the government wants to build a new school or highway in an area, they may determine that they need your property for the project. In this case, they may decide to purchase it, but for less than fair market value. The reason for this is because the value of the property is not just determined by the current market conditions in the area, but also by the future value of the property as part of the public project. In South Carolina, if this happens, those affected by the use of their property can challenge the compensation amount. In order to do so, they will need to gather evidence of the fair market value, such as recent sales of similar property in the area, in order to prove that the compensation offered is unfair. However, if the government is able to prove that the amount is just compensation, then the property will be sold at the lower amount.

Related FAQs

What is the difference between a condemnee and a condemnor?
What is the difference between a legislative taking and an administrative taking?
Are there any restrictions on the amount of time allotted for a taking?
What is the difference between market value and fair market value?
How does the valuation process work?
What is the purpose of eminent domain?
What is the difference between just compensation and just compensation plus interest?
Are there any defenses against an eminent domain action?
Can I receive payment for relocation costs?
Can private individuals use eminent domain?

Can I be forced to sell my property for less than the fair market value?

Related FAQs

Related Blog Posts