Montana Code 70-31-302. Reimbursement of closing costs and taxes incurred by owner
70-31-302. Reimbursement of closing costs and taxes incurred by owner. An agency acquiring real property for a program or project for which federal financial assistance will be available to pay all or any part of the cost of the program or project shall, as soon as practicable after the date of payment of the purchase price or the date of deposit into court of funds to satisfy the award of compensation in a condemnation proceeding to acquire real property, whichever is the earlier, reimburse the owner to the extent the acquiring agency considers fair and reasonable for:
Terms Used In Montana Code 70-31-302
- Agency: means a department, agency, or instrumentality of the state of Montana or of a political subdivision of the state, a department, agency, or instrumentality of two or more states or two or more political subdivisions of the state or of two or more states, or a person who has the authority to acquire property by eminent domain as provided in Title 70, chapter 30. See Montana Code 70-31-102
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Federal financial assistance: means a grant, loan, or contribution provided by the United States, except any federal guarantee or insurance. See Montana Code 70-31-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Montana Code 1-1-205
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
(1)expenses the owner necessarily incurred for recording fees, transfer taxes, and similar expenses incidental to conveying the real property to the acquiring agency;
(2)penalty costs for prepayment for any preexisting recorded mortgage or deed of trust entered into in good faith encumbering the real property; and
(3)the pro rata portion of real property taxes paid that are allocable to a period subsequent to the date of vesting title in the acquiring agency or the effective date of possession of the real property by the acquiring agency, whichever is earlier.