If you are considering purchasing commercial property in New Jersey, you are in good company. With thousands of properties available, you have plenty of investment opportunities.
But, before signing any paperwork, you should know about the state’s eminent domain laws.
New Jersey’s Eminent Domain Act
Eminent domain is the power of the government to take private property for public use, with just compensation paid to the owner. Under New Jersey law, the property can only be condemned for lawful public use or public purpose by the following agencies:
- State agencies
- County and municipal governments
- Redevelopment agencies
- Housing authorities
- Port authorities
It’s important to note that private entities cannot use eminent domain in New Jersey. The Eminent Domain Act may concern individuals looking to invest in commercial real estate, as they may fear their property could be taken away. However, property owners do have rights under the Act. These include:
- The right to receive just compensation for their property that is taken by eminent domain.
- The right to challenge the taking of their property in court. They can argue that the taking of their property is not for a public purpose.
- The right to negotiate with the government agency that is taking their property.
You may be interested in investing in commercial real estate but have concerns about eminent domain. Or, you already have an investment or business property, and a government entity is trying to acquire it, claiming it’s being condemned for the benefit of the public. Working with someone who can help you navigate these issues, protect your rights and ensure you receive fair compensation for your property is essential.