The Development of Compulsory Purchase – A Legislative View Point and Market Expectations
||Sahk, Kaarel; Sepp, Kalev
||The Development of Compulsory Purchase – A Legislative View Point and Market Expectations
||16th Annual European Real Estate Society Conference in Stockholm, Sweden
||During the ownership reforms in Estonia as in all the Baltic States the growing importance of real estate appraisals is followed. The process of appraisal procedure is frequently connected with the current need to use of land i.e. property owned by private owner in the other purposes than it “is accepted” or “as it is” In many situations this approach lead the market participants to the compulsory transaction of the property so as the former owner cannot use the land conveying its highest and the best use. In the similar situations the impossibility do not convey the highest and the best use first of all rises from the legally and/or designed and mapped and this way authorized public need to use of the property other way, commonly in the way that is not the highest and the best use of it. It is evidential that the owner needs a satisfaction for the changes in use and in the ownership of the property. Also is evidential the fact that the measurement in money of the compulsory transaction is the best way to solve it, if we are able to estimate the right amount of the compensation for it turned into money. Current paper tries to answer to above named positions in the contest of the current legal and real estate market situation in Estonia and to give most likely connections with international approaches as well."
||Ownership reform, appraisal procedure, compulsory transaction, estimated compensation, compensation in money, international approach.
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