City trying to acquire part of my land for road improvements.
I was recently contacted by a third party hired by the city of Sherwood in Arkansas. The city is planning road improvements due to flooding during heavy rain storms. They want to acquire 1,251 sq/ft of land to the front of the property to do construction. They also looking for 450 sq/ft of temporary easement while construction is taking place. They offered a fair market value for the portion of property as well as the temporary easement.
I'm reaching out to see if anyone has experience with this or advise?
Thank you in advance!
Unless you are 100% sure the offer is fair market value, I’d have it appraised on my own. Otherwise, proceed with the transaction but make sure you know what will happen on the chunk of land you are selling before you sign. A ten foot concrete wall in front of your place might not be all that welcoming which may require you to do something else on your property. That should be part of the negotiations - “Dear City, you will be doing X on the portion of my property you are acquiring. That will require me doing Y on the remaining portion of my property. That Y will cost $Z. Purchase price should be increased by $Z”. Hope that makes sense
Thanks Sergey and yes this makes sense.
