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    Definition of eminent domain

    Dictionary of Business Terms: eminent domain
    eminent domain

    inherent right of the state to take private property for public use, without the individual property owner's consent. Just compensation must be paid to the property owner, however.

    Dictionary of Finance and Investment Terms: eminent domain
    eminent domain

    right of a government entity to seize private property for the purpose of constructing a public facility. Federal, state, and local governments can seize people's homes under eminent domain laws as long as the homeowner is compensated at fair market value. Some public projects that may necessitate such condemnation include highways, hospitals, schools, parks, or government office buildings.

    Dictionary of Real Estate Terms: eminent domain
    eminent domain

    the right of the government or a public utility to acquire property for necessary public use by condemnation; the owner must be fairly compensated.

    Example: Ready Watts Electric Company is granted the power of eminent domain by the state government. This allows the company to acquire private property for specified purposes through the process of condemnation.

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