Land acquisitions are typically considered to be land that is acquired for some specific purpose, such as preventing the property from undergoing some sort of development, or reserving it for some specific conservation effort. At times, the term is also applied to land purchases that have to do with the acquisition of a right of way. While the circumstances surrounding land acquisitions vary, there are a few considerations that are likely to apply in any case, including the need to understand tax benefits and liabilities, any local or national laws that may impact the purchase process, and the possibility of support from various agencies or non-profit groups to manage the holding once the land is acquired. The condition of the property, and its suitability for the intended purpose, is also a key consideration.
Since land acquisition often has to do with conservation, or acquiring the land to prevent development on the property, understanding any local or federal laws that might apply to the situation are important. This includes consideration of local zoning laws that could interfere with the intended purpose for the property. If the idea is to purchase the undeveloped land to prevent its use in a building project, it may be necessary to obtain an exception from the local government in order to keep the property in a more natural state, or even to develop the property as a park or an animal sanctuary. Look into the current laws regarding land acquisitions and determine what must be done along with the acquisition, and how much money it will take to handle all the related details successfully.
Consideration of tax benefits are also often important to the process of land acquisitions. This is especially true when a government entity is purchasing land from owners as part of a conservation project. Depending on the state of the local economy, providing the owner with some sort of tax incentive for selling the land to the agency will often be just as important as the purchase price. Combining the tax breaks with offering the current market price for the land is much more likely to result in a successful sale that both parties consider equitable.
For property owners who are approached about selling their real estate to a government entity, there is sometimes questions about what rights they do and do not have. Here, it is important to seek competent legal advice and counsel before actually committing to any land acquisition deal. In the United States, there are non-profit agencies that provide information on property owner’s rights, including assistance in understanding how to evaluate current market value, and even aid in obtaining legal counsel if that is deemed necessary. Making use of these resources helps landowners to feel more empowered during land acquisitions, since they have a better understanding of their rights and responsibilities.
