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| Eminent DomainThe right of local or state government to purchase private property for public use. Owners receive compensation based on fair market value and sometimes additional funds for the inconvenience of moving. This is legal under the Fifth Amendment of the United States Constitution. Reasons for eminent domain can include schools, roads, parks, hospitals, public safety and other public buildings. See also:Earnest MoneyEasementEminent DomainEqual Credit Opportunity ActEquityEquity LoanEscrowEvictionExclusive Agency ListingExtension |
