25.1-108 - Offer of repurchase to former owner. - Virginia Statutes

§ 25.1-108. Offer of repurchase to former owner.

A. If a condemnor has acquired a fee simple interest in property by exerciseof its power of eminent domain and subsequently declares that the property issurplus, the condemnor shall offer, within 30 days following suchdetermination, to sell such property to the former owner or his heirs orother successors or assigns of record. Upon completion of the stated publicuse or where the stated public use has been abandoned, the condemnor shallprovide written notice, pursuant to subsection B, of such completion orabandonment to the former property owner or his heirs or other successors orassigns of record. Upon completion of the stated public use or where thestated public use has been abandoned, the former property owner or his heirsor other successors or assigns of record may make a written demand that thecondemnor declare any excess property as surplus. The right to the offer ofrepurchase cannot be waived and any contractual provision or agreementwaiving such right is void and unenforceable. The offer to sell shall be madeby the condemnor at the price paid by the condemnor to the former owner plusinterest at the annual rate of six percent; provided that the condemnor mayincrease the price by the fair market value of the condemnor's improvements,determined at the time the offer to sell is made. In no case shall the priceestablished by the condemnor exceed the fair market value of the property atthe time the offer to sell is made. If no written response is received by thecondemnor from the former owner within 90 days after the offer to sell hasbeen made, the former owner shall be deemed to have waived his right to theoffer of repurchase.

B. Notice of the offer to repurchase shall be sent by certified mail to (i)the last known address of the former owner and (ii) the address of the lastowner of record as it appears in the tax records of the local treasurer.

C. This section shall not apply to property acquired by the CommonwealthTransportation Commissioner pursuant to Title 33.1.

(2005, c. 2; 2006, c. 246; 2007, cc. 882, 901, 926.)