What does the term 'condemnation' refer to?

The term 'condemnation' specifically refers to the legal process by which a government or its agencies take private property for public use. This concept is rooted in eminent domain, which allows the state to acquire private property, provided that fair compensation is given to the property owner. The process typically involves an assessment of the property's value and may require legal proceedings if there is a dispute regarding compensation.

In the context of real estate, understanding condemnation is crucial for brokers and property owners alike. It underscores the limits of property rights and emphasizes the importance of knowing how and when governmental entities can exercise their power to take private holdings for social infrastructure projects such as roads, schools, or parks. This knowledge is fundamental to navigating real estate transactions and protecting client interests.

The other options describe different concepts related to property rights and estate planning rather than the specific legal action encompassed by condemnation. For instance, transferring property to heirs deals with inheritance; the right to use neighboring land might relate to easements; and granting an easement pertains to allowing another party specific use of one's land. Each of these involves aspects of property law but does not capture the principles of condemnation as it pertains to government acquisition for public utility.