Pre- judgement interests are accrued interest on judgement amounts. Eminent domain is when the government “takes” private property for the public’s use and then owes fair and just compensation to the original private property owners. An eminent domain award is the court-ordered judgment amount that is based on the fair market value of the property owed to the private property owner.
Generally speaking, eminent domain awards must be paid out to the private property owner before a property’s title can be transferred or the government can take physical possession of the property. Read on to understand what both pre-judgment interests are and eminent domain awards contain.