Mooresville, NC (PRWEB)
September 25, 2017
Now that the $100-million US 150 road widening project is slated to move forward, Mooresville property and business owners in its path are starting to receive offers from the NCDOT for their property.
If history is any guide, many of these offers may amount to less than what their property is worth, say former NCDOT attorneys at the NC Eminent Domain Law Firm.
The lawyers suggest that owners may want to exercise their eminent domain rights – one of which is the ability to negotiate for a “second check.”
Exploring this “second check” approach to try to reach maximum fair value for property is among the topics scheduled to be discussed at this educational seminar, Thursday evening, October 19th, at 7 P.M. at the Hampton Inn Mooresville.
Attorney Jason Campbell warns property owners to be careful when negotiating with the state implementing a project of this size and scope.
“Homeowners receive a very official offer and think that is the ‘law’ for what they are able to receive,” Campbell said. “If an offer has been made, there may be a more complete and satisfactory offer to be gained through reappraisal and negotiations.”
“Second Check” Approach
Property owners whose land or businesses are targeted for acquisition will eventually receive an offer from the state. Just like any other real estate negotiation, the owner does not have to accept that offer. If the owner chooses not to accept the offer, the state will still acquire the property and deposit the amount of the original offer with the County Clerk for the owner.
This is where the NC Eminent Domain Law Firm’s “second check” approach comes in. In most cases, the property owner is then free to pursue a potentially better, fairer arrangement, without losing the first offer.
If continued negotiations are successful, the property owner will receive a “second” check in addition to the first offer. If continued negotiations do not change the offer, the owner still has the first offer.
“We don’t like it when we see property owners get less money than they should, simply because they didn’t know the full extent of their rights,” said Stan Abrams, also a former NCDOT attorney with the NC Eminent Domain Law Firm.
The NC Eminent Domain Law Firm will host a free informational session on Thursday, October 19th at…