Do you know that the government can claim your business premises? Do you know what to do when the government wants to claim your business premises?
Business owners face countless challenges whether you have started your own unique idea or purchased an existing business. However, the government reserves the right to claim your owned business premises for the use of varying projects.
In some cases, you may not be able to prevent this from happening once the process has been implemented. But handling the matter appropriately can help you reduce the overall effects on your business.
While most people assume that eminent domain refers only to residential properties, the same applies to all types of landowners. To ensure your business remains protected throughout the process of eminent domain, here is what you should do.
Consult a qualified legal representative
By relying on legal representation to protect your business from unfair compensation, you will ultimately be able to rest assured that your business’s best interests are taken care of.
A highly skilled eminent domain attorney will be able to navigate you through the process while ensuring you will be fairly treated. Also, you’ll be justly compensated for the loss of your land.
Your attorney will be able to advise you on how you should handle certain aspects of the journey. One of the negative effects of the eminent domain on a business is potential condemnation.
This can cause a business to lose assets and having to pay a larger amount for a comparable space to move business premises. A business may also experience a loss of customers due to moving to a new area.
Not only that, but you may also experience difficulties transporting large equipment to the new premises. The process of eminent domain negatively impacts businesses more than any residential homeowner.
It is advisable to avoid handling the situation without the assistance of a professional attorney. Your attorney will be able to assess your potential relevant losses and insist that you are fairly compensated.
This means you’ll be able to direct your focus towards moving your business to new premises rather than stressing about the outcome of the process.
Employ a property assessor
The government will send a property assessor to evaluate the worth of your business premises to establish compensation. However, it advisable that you employ a private entity that won’t be biased towards your business.
You’ll be able to provide your attorney with additional information regarding your compensation in doing so. Also, you may be able to enjoy a higher compensation payout to make moving premises a lot less stressful.
At times, the process of eminent domain can be lengthy and extremely time-consuming. This is another reason why relying on legal assistance is absolutely necessary. In the event that you are not pleased with the compensation, you will be able to insist on a larger amount with relevant reasons.
You will only need to relocate your business after the process has been completed and you have received your compensation. However, it is best to start searching for suitable premises in advance to ensure your business operations are as undisturbed as possible. This will allow you to plan the move in great detail.