BP Settlement For Property Claims

BP Settlement Property Claims

Property Claims BP Settlement

BP Settlement For Property claims in Texas, Louisianna, Mississippi, Alabama and Florida. This BP settlement for property claims are still not final so all the information I am providing you on this page is subject to change as more information becomes available or a final agreement is accepted by the Judge.

The property owners are really getting 2 different ways to file a claim with the BP settlement fund.  First one is for realized loss if you sold your property between May 2010 and December 2010. The second  one is the big one I think if you have had oil from the BP oil spill wash up on your property. Let say you owned some wetland where oil came up, there you have a great claim.

A Little Bit About The BP Settlement For Affected Property

Again its the same structure as the other claims the closer to the water you are the better the offer is going to be, but if you are in the affected area you can still get realized losses paid for by the BP settlement if you don’t have a water front house. When the final BP settlement comes out and are approved by the judge some maps will follow this agreement showing affected areas. I think the clean up of properties with oil on them are going to be very expensive so I think the BP settlement offers for people will be great.

What Property Claims Can Get Compensation ?

If you own a property in the affected area so probably close to the ocean from New Orleans to Panama City beach you should be able to file a claim if you sold your house from May 2010 to December 2010 or if you had oil on your property from the BP oil spill. If you are looking to file a claim for loss of value on your house but you still live in it that will be a hard claim if you have not realized the loss yet.

If you had lost your house in foreclosure between May 2010 and December 2010 you have realize your loss that would be 100% and you would have a claim against BP, if you could take that claim to the BP settlement or it would have to go to court is another matter. For right now I would think it would have to go to court. If  it goes to court you would have to prove that the reason why you lost your house was because of the BP oil spill

 Document Requirement Property Claims

It should be really straight forward on this one bring your sales contract on your house, where it was sold may 2010 to December 2010 and that is the number you will go by. If you have had oil on your land bring the deed that shows how much land you have and maybe how much frontage to the water ways it has. Show them pictures or land inspection of the oil that is on your land and that should do it.

 Property BP Settlement Payouts

Here comes the real interesting part what the payout is going to be from the BP settlement and I have some numbers for your guys that are being talked about

Realize loss of property value (sold between May 2010 and Dec 2010)

  • 12,5% on top of the sales price if you sold your house or raw land for

This means a $500,000 house sale would have a claim for $62,500 and a $1,000,000 house sale would have a BP settlement claim for $125,000

I don’t know if that is enough to cover the drop in prices because of the BP oil spill but its what’s being offered in the proposal.

Oil On Your Property BP Settlement Payout

  • Max $25,000 per acre

There is going to be another calculation also for this claim where you take your tax value before the spill and time it by 1.18 and then you deduct your tax value today and then you get a multiplier on that number. It was a little complicated to understand exactly how this would work so lets way on the final version on this.

 What To Do Next With Your Property Claim in the BP Settlement

Get all your documents together and pictures or land reports of oil on your property. Sign up with the attorneys and get your documents in to them. After you claim is in the BP settlement you will get your offer from the attorneys you are with. If  you don’t have an attorney yet, sign up by filling out a form on this page.