if a casino is approved in a location where residences are impacted and face potential buyout, how do the homeowners best protect themselves? i was told that they can't leave you with a mortgage but they don't have to offer top dollar. what about factors such as gas/mileage/commuting/schools/childcare? doesn't that get considered?
Family Law Attorney
You should retain the services of an experienced real estate attorney with regard to your home.
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Wills and Living Wills Lawyer
If the property is on a reservation, you really need to seek the advice of an expert in Native American law. It's just too narrow a question to find good answers here.
If the property is being taken by the government, through what is called "Eminent Domain," the constitution directs that they can take the property for "reasonable compensation." You can certainly retain an attorney to negotiate up what the dollar figure is, but it is in general tied to the value of the property itself, rather than long-term expenses incidental to relocation as you suggest.
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Divorce / Separation Lawyer
I am sorry you are faced with this is.
This is a broad and complex issue. An experienced real estate attorney can help you negotiate and navigate these matters with you.
I wish you all the best.
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Elder Law Attorney
I think that you might solicit better answers if you post this in a real estate section versus the estate planning section that it is posted.
That said, it is my understanding that the casinos will all be privately operated, and not operated by the government or on reservations. I was under the impression that only the government could take property by eminent domain. Therefore, a private company buying your property is going to be looking to get the best deal possible, while you are going to be interested in the highest price possible. Regardless, the property is going to sell for somewhere around fair market value. Now because of the circumstances surrounding this sale, it is possible that you may be able to negotiate a higher than fair market value price since the casino operator really wants your property. I would suggest that you sit tight and wait for your offer. Once you get an offer, then retain counsel to assist you in the negotiations. Hiring a lawyer first is kind of like counting chickens before they hatch. Good Luck!
*** LEGAL DISCLAIMER I am licensed to practice law in the Commonwealth of Massachusetts and have an office in Reading. My practice is focused in the areas of elder law, estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
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