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The right of a government to force the sale of real estate by a private individual or corporation in certain cases. For example, if a municipality is building a road, it may exercise eminent domain to purchase the land along which the road is going to run. While the private owners are paid for these purchases, they may not refuse to sell. The term is most common in the United States. The concept is called compulsory purchase in the United Kingdom and compulsory acquisition in Australia.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
eminent domainThe power of government to take land for the public good with the payment of just compensation.See condemnation.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
The right of a government authority to take private property for public use and paying fair compensation to the owner.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary