What is the difference between the amount of compensation I am entitled to receive and the actual amount I receive?

In Virginia, eminent domain law states that property owners must be given just compensation for their property if it is taken by the government or a private entity that is allowed to exercise eminent domain authority. The amount of compensation a property owner is entitled to receive is determined by the fair market value of the property. This amount is determined by looking at actual market transactions of similar properties in similar locations. The actual amount a property owner receives can be very different than the amount they are entitled to based on the fair market value of the property. This occurs because the parties involved in the eminent domain process have the ability to negotiate a different price than the amount that is determined by the fair market value. Furthermore, property owners may have to pay taxes, legal fees, and other costs associated with the process. This can significantly reduce the compensation they ultimately receive. In addition, in Virginia, the government has the right to use “Quick Take” proceedings in certain cases where the: “The value of the property is not disputed or the property owner has received notice of the determination of the value.” In these cases, instead of having a full court hearing, the government and the property owner can reach an agreement and the government can take possession of the property within 30 days. In such cases, the property owner may not be able to receive the full amount of compensation they are entitled to.

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What is the difference between the amount of compensation I am entitled to receive and the actual amount I receive?

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