WSP09325 - Laserfiche WebLink

Home Browse Search

3 II. What Happens if No Purchase Contract is Signed? In the event an acceptable purchase contract cannot be agreed upon between the landowner and the right-of-way agent, the Bureau will request the Department of Justice to acquire title through the Federal Court for the District of Colorado. The purpose of condemnation actions is to determine the amount of fair compensation or to clear "cloudy" titles. In any event, the landowner will be given full opportunity to support his values in the same manner as will the Government. 12. Does the Landowner Have to Provide an Abstract of Title? It is not necessary to purchase an abstract of title or to bring one up to date; however, if an abstract is available for the Bureau~s use, lt might help reduce costs and expedite payment to the owner~' The Government will acquire, at its expense, such evidence of title as might otherwise be deemed necessary by its legal counsel. In like manner, the Government will pay fees involved in recording purchase contracts and deeds in the proper county records. The landowner might be required to obtain and record instruments such as affidavits of heirship necessary to show good clear title. 13. How and When Will Payment be Made? After the owner and the Bureau'~ right-of-way agent have agreed On a purchase contract, the Govern~ent's attorneys will draft the warranty deed instrument. After the title'has been reviewed and accepted by the Government, the owner will sign the deed. After the deed is recorded in the county land records, a United States Treasury Draft will be drawn in favor, of the seller in the full amount, of the purchase price. l4 0" ..WilLLandowners be Required to Pay.. Income Tax on Money Received from the Sale of Land? The responsibility for administration of the United States tax law rests with the Internal Revenue Service (IRS) of the Department of the Treasury. Present tax laws and regulations contain" special provisions regarding gains or profits from the sale of real property interests including , sales made to Government agencies. It is suggested that owners conveying land or real property interests to the Government for project purposes contact local representatives of IRS for complete information concerning these tax matters. {, n '\ ,'",' {F1 '-..v./ ,v.~ IS. What About the Rights of Owners on Lands Adjoining Those Purchased by the United States? A fence will be constructed around portions of the Government-owned land with access restricted to established public roads. The use of grazing of ,livestock on Government lands will not be permitted except in rare instances when short-term leases will not interfere with project purposes.