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Updated over 5 years ago on . Most recent reply presented by

Account Closed's profile image
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Account Closed
  • Rental Property Investor
  • from Yuma, AZ
  • Member since Jun 14, 2019
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • Rental Property Investor
  • from Yuma, AZ
  • Member since Jun 14, 2019
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Account Closed
  • Rental Property Investor
  • Yuma, AZ
45
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Tax, SDIRAs & Cost Segregation

What does "EMINENT DOMAIN" mean in this contract?

Account Closed
  • Rental Property Investor
  • Yuma, AZ
Posted

In this Lease option contract says:

EMINENT DOMAIN: If the property or any part thereof is taken by virtue of eminent domain, This Lease Option shall expire on the date when the same shall be so taken and the rent shall be apportioned as of said date. No part of any award, however, shall belong to the Buyer.

What does that mean?

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Russell Brazil
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  • from Washington, D.C.
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Russell Brazil's profile image
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Russell Brazil
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Russell Brazil
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied

Yes the government can take any piece of property they deem to benefit society. For instance if they want to put in a new highway and take all the houses in the path.

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