REAL ESTATE ACQUISITION

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Download free Real Estate Acquisition.pdf When a HOME-assisted development includes the acquisition of property, be it purchase or donation, certain requirements of the Uniform Relocation Assistance and Real Property Acquisition Policies Act apply. Under the HOME Program, there are two types of acquisition, involuntary and voluntary. Involuntary acquisition can occur when the purchaser has the power of eminent domain.

Generally, acquisitions undertaken by private (non-profit and for-profit) entities will be voluntary acquisitions. A voluntary acquisition occurs when there can be no threat of eminent domain or condemnation. The sales price may be negotiated, but the seller must be informed of certain facts about the acquisition. For non/for-profit developers, there are two types of voluntary acquisitions.

Voluntary Acquisition, Buyers with no Eminent Domain power The first, and most typical, is when the non/for-profit developer purchases property from a private citizen, corporation, governmental or other entity. In these purchases, the buyer must inform the seller of four items:
  • The buyer is utilizing Federal funds to purchase the property; and
  • The buyer does not have the power of eminent domain; and
  • The estimated fair market value of the property.
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