Real Estate & Property Law

Oklahoma House Approves Risky Bill

By Alan Ackerman

Simply returning the unused remainder of a tract of land to a prior property owner may not always be in the best interest of the owner or the community. Frequently, remainder tracts have a value to the owner adjacent to properties partially taken. To limit the rights of government once it has paid just compensation is not always beneficial.

Bixby Bulletin

House Bill 1226 would also require the city or authority to send the original owner a notice of the right to buy back the property at either its original price or, if it had lost value, at the current appraised value. The original owner or his or her heirs would have 90 days to claim the right to purchase the property.

'The notice and 90-day period give the original property owner ample time to buy property back, but will not put an undue burden on the city or authority that has acquired the property,' Ownbey said.

 

Full post as published by National Eminent Domain Blog on March 10, 2011 (boomark / email).