Eminent Domain (Real Estate Analysis) Research Paper

Eminent Domain (Real Estate Analysis) - Research Paper Example In most cases use of eminent domain by real estate developers results in disputes and court proceedings referred to as condemnation proceedings. Additionally, use of eminent domain by private agents can result in increased corruption since the agents can use the process to enable them pay less for property. In some cases, government official have been involved in corruption whereby they have used eminent domain to acquire private property and later sold it to private developers. The power of eminent domain is restrained by public clause of Fifth Amendment, which requires that the government provide adequate evidence for the acquisition in addition to just compensation before seizing private property for public use (Aycock and Black 53-54). Initially, the eminent domain was used to obtain private properties for public uses such as schools, roads, and parks. However, the eminent domain has been expanded and is often used to include other project meant to benefit the public. Real estate agents are thus able to employ the power of eminent domain when they want to acquire property for purposes such as urban renewal projects. Several real estate agents help in fostering development, which is crucial for economic growth. They are thus empowered by eminent domain to acquire property for commercial development (Aycock and Black 53-55). There are many questions regarding the legitimacy of eminent domain especially when it is used to acquire property for private developers such as real estate agents. Although the government is required to provide evidence that the project is for public benefit, there are question on how some real estate projects benefit the public. Additionally, ways of calculating of the just compensation is questionable. Therefore, it is important that the government exercise eminent domain carefully since it affect the constitutional rights of the property owners (Cook Web). Transfer of property land to real estate agents entails