H.R. 952: Reversionary Interest Conveyance Act

The Reversionary Interest Conveyance Act aims to transfer the U.S. government's reversionary interest in approximately 8.43 acres of land located in Sacramento, California, which is currently managed by the Bureau of Land Management (BLM). Here’s a breakdown of the key components of the bill:

Overview of the Land

The land in question is defined as "covered land," and it is specifically mentioned as being depicted on a map titled "Lands Proposed for Release from Any and All Reversionary Interests of the United States." This map outlines the land subject to this legislation.

Eligible Buyers

The bill defines a "buyer" as the owner of record of any of the parcels included in the covered land at the time they request the conveyance. A buyer can only request to purchase the reversionary interest for parcels that they currently own.

Process for Conveyance

• The Secretary of the Interior, acting through the Bureau of Land Management, must respond to any requests for conveyance within two years of receipt from the buyer.
• Upon receiving the request, the Secretary will offer to convey the reversionary interest to the buyer at the appraised value of that interest.

Requirements for Conveyance

Conveyances made under this bill must:

• Be subject to valid existing rights related to the land.
• Be conducted at no less than fair market value, as determined by the Secretary.

Determining Fair Market Value

The fair market value will be established in accordance with the Federal Land Policy and Management Act of 1976 and based on an appraisal that follows specific professional standards, including:

• Uniform Appraisal Standards for Federal Land Acquisitions.
• Uniform Standards of Professional Appraisal Practice.

Costs and Proceeds

In addition to paying the fair market value, the buyer will also be responsible for all costs associated with the conveyance. This includes expenses related to surveys, appraisals, and any other administrative fees. Proceeds from the sale of the reversionary interest will:

• Be deposited into the Federal Land Disposal Account established by the Federal Land Transaction Facilitation Act.
• Be used as outlined in that Act.

Statutory Provisions

The bill includes statutory language that clarifies certain rights associated with the covered land, specifically maintaining a right-of-way width and addressing issues related to adverse possession, prescription, or abandonment of the land.

Relevant Companies

None found