The power company wants to use 700 square feet of our 1/2 acre property as a public easment. The person I spoke with told me that they had the right to use the property and that we would be paid $1.38 per square foot. totaling $1002.32. Is this fair. I really don't know what to think???
2007-09-18 11:47:46 · 4 answers · asked by Fredrico 1 in Business & Finance ➔ Renting & Real Estate
What are they planning to use that easement for? It might dramatically depress your property's value, so the compensation should consider that, although if this is the government who wants it they may ignore you completely and just exercise the imminent domain. In all cases, don't just sit there. Contact an attorney and a real estate agent and see what are the possible implications on your property value and act accordingly.
2007-09-18 12:08:41 · answer #1 · answered by Alexander K 3 · 0⤊ 0⤋
I kind of agree with the Angie's answer. However, there really isn't enough information to give you a complete answer.
I would start with some research and see what has been paid in the past. And, if you still disagree with the amount hire a professional to handle it (in most cases if you win the case they have to pay for your lawyer too).
I can tell you how it is supposed to be calculated. The actual value of the land before the easement compared to the actual value of the land after the easement.
Again, I don't know the size of the power line they intend to install (assuming it is a power line). But, I will say that many people will not buy a house directly next to a power line of any size (besides the one supplying their own house). And, yes this should be factored into the equation.
I am sorry that I can't help more...but, with the information given this is the best I can do.
2007-09-18 12:08:43 · answer #2 · answered by Russ B 6 · 0⤊ 0⤋
Is this the power company or the city? It might be both, but just checking. If it is the city, you are pretty much along for the ride as they will exercise eminent domain and claim the property. If it is a privately held power company than the rules might be different. Consult a real estate attorney for further information.
Also, besides the desire to be compensated, consider that this is easement is most likely for the greater good. An unpopular consideration in this day and time, but there you have it.
Good luck.
2007-09-18 11:58:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
My parents had a similar situation. They talked with their lawyer and protested the amount of compensation. The amount was raised. I believe they usually make the lowest offer first hoping people will just accept it.
2007-09-18 11:56:13 · answer #4 · answered by Angie 6 · 0⤊ 0⤋