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

In Virginia, it is possible to be forced to sell your property for less than the fair market value, as long as it is within the parameters of the law of Eminent Domain. Eminent Domain, also known as "condemnation," is the power of the government to take privately owned property for public use with just compensation. Just compensation is the fair market value of the property. In order for the government to be able to exercise this power, they must provide a written offer to the property owner for just compensation before they are able to take it in the form of a court order. If the property owner does not accept the offer, the government is able to take the property and the owner can sue for more money. In Virginia, the fair market value is determined by the court. However, the property owner must be well-informed of their rights. In the event the property owner is not satisfied with the offer, it may be possible for them to negotiate with the government or seek legal assistance to help get the best possible price for their property. Ultimately, the decision lies with the court to determine the fair market value of the property.

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

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