North Carolina General Statutes 40A-70. Return of condemned property
Terms Used In North Carolina General Statutes 40A-70
- Condemnation: means the procedure prescribed by law for exercising the power of eminent domain. See North Carolina General Statutes 40A-2
- Condemnor: means those listed in N. See North Carolina General Statutes 40A-2
- Eminent domain: means the power to divest right, title or interest from the owner of property and vest it in the possessor of the power against the will of the owner upon the payment of just compensation for the right, title or interest divested. See North Carolina General Statutes 40A-2
- Owner: includes the plural when appropriate and means any person having an interest or estate in the property. See North Carolina General Statutes 40A-2
- Property: means any right, title, or interest in land, including leases and options to buy or sell. See North Carolina General Statutes 40A-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Whenever a public condemnor listed in N.C. Gen. Stat. § 40A-3(b) or (c) acquires real property by condemnation and thereafter determines that the property is not needed for the purpose for which it was condemned, and the public condemnor still owns the property, the public condemnor may reconvey the property to the original owner upon payment to the public condemnor of the full price paid to the owner when the property was taken by eminent domain, the cost of any improvements, together with interest at the legal rate to the date when the decision was made to offer the return of the property. Unless the public condemnor acquired the entire lot, block, or tract of land belonging to the original owner, the original owner must own the remainder of the original lot, block, or tract of land from which the property was acquired to purchase the property pursuant to this section. The public condemnor shall specify a date by which the property must be reconveyed and the payment made, which may not be less than 30 days after written notification to the original owner that the public condemnor has decided to offer the return of the property. (1991 (Reg. Sess., 1992), c. 980, s. 1.)