Real Estate Law, Imminent Domain and DHS Considered

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Just when you thought you knew everything about real estate law, it is something that changes everything. Let me explain something that recently happened to a friend of mine that the coin op Carwash and small storage unit makes right airport. The new Department of Homeland Security Act requires that each airport has a buffer between the airport fence and the rest of the world. This is to protect against so-called terrorists entering the airport or firing a weapon over the fence.

Despite what you might think about that kind of stuff, or how you lean politically this can be a huge problem if you own a piece of property that is next to the airport. In this case, my friend found that his assets were cut in half by the impending state and government purchased assets at the bottom of the market. When they cut off the back of his coin op carwash, it was no longer usable and that he had to tear down the facility because he could not make money with it anymore.

There is simply not enough space to turn in the vehicle and no one came to their cars washed longer. He could not sell Carwash equipment or the house to someone else for the same reason. They did not give him enough money to pay for his loss, but he was stuck.

He originally intentionally set Carwash small closet next to the airport because he knew someday that land would be worth more. So even though his business was barely make payments as it was during the recession, he figured that his investment was safe and he was going to use that money to pay some time when he sold the property in 20-years.

Just because you think you know the real estate law, does not mean that your investments are safe. Please consider all this.

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