In the video, Attorney Philip Hundl of Land Rights Law explains the appraisal provided by the condemnor in the condemnation process.
Summary of Understanding Appraisals in Condemnation Proceedings
Hi, Phil Hundl of Land Rights Law here. In this blog post, I want to provide you, as a landowner, with a brief summary of what you should be looking for in an appraisal when you receive a final offer packet. Understanding the appraisal can greatly help your attorney in representing you in a condemnation proceeding or eminent domain case. Let’s dive into the key points you should consider when reviewing an appraisal.
Check the Property Description for Accuracy
One of the first things you should pay attention to in the appraisal is the accuracy of the property description. Ensure that it properly and accurately describes your property. If you notice any discrepancies, such as the acreage being incorrect, it’s essential to bring it up to your attorney for further clarification.
Appraisal Dates and Effective Date:
The dates mentioned in the appraisal are vital pieces of information. Verify when the appraiser visited the property and confirm its accuracy. Additionally, take note of the effective date of the appraisal, as it may be updated during the special commissioner’s hearing. These dates play a significant role in the appraisal process.
Highest and Best Use Analysis of Your Property
Understanding the concept of highest and best use analysis is crucial. Appraisers assess the legally permissible, financially feasible, and maximally productive use of the property. It is not always the property’s current use. For example, if your land is currently being used for agricultural purposes but is located near a major interstate, the highest and best use might be commercial or residential. Pay close attention to what the appraiser identifies as the highest and best use for your property.
Comparable Sales and Adjustments:
Another critical aspect of the appraisal is the use of comparable sales. The appraiser will provide a list of comparable sales and make adjustments based on various characteristics such as conditions of sale, market conditions, location, size, physical characteristics, and other factors. It’s essential to understand the adjustment process and how your property compares to the comparables. The appraiser’s reconciliation of these factors will determine the final value of your property.
Burden and Cost to Cure
The burden, or how the easement will affect your property, is an essential factor to consider. The appraiser will assign a percentage to represent the burden on your property. Additionally, look for any calculations related to the cost to cure, which refers to the cost of addressing the impact of the project or condemnation on your property.
Appraisal’s Calculation of Damage to the Remainder
Evaluate the appraisal’s calculation of damage to the remainder. This calculation looks at the impact of the project on the property that remains after the easement takes effect. The appraiser may assign a percentage to quantify the damage. It’s worth noting that the appraiser may determine zero damages in some cases.
Conclusion
Reviewing and understanding the appraisal is crucial for landowners involved in condemnation proceedings. By paying attention to details such as the property description, appraisal dates, highest and best use analysis, comparable sales, adjustments, burden, cost to cure, and damage to the remainder, you can effectively assess the appraisal’s accuracy and potential impact on your property’s value. Consult with your attorney to discuss any questions or concerns you have and to ensure you have a comprehensive understanding of the appraisal’s implications.
Get the Help You Need to Protect Your Landowner Rights
By being proactive and informed, you can strengthen your position as a landowner and work towards a fair resolution in the condemnation process. If we can help you protect your rights during the condemnation process, please call our office at 800-266-4870 or text us at 979-320-9320. Meetings can be in person, online or by phone. We’re located in Wharton County but we help landowners all over Texas.
Call 800-266-4870 or text 979-320-9320 for an appointment. We can also arrange for online and telephone appointments all over Texas.