Nevada Revised Statutes 277A.255 – Disposal of real property and improvements acquired by exercise of power of eminent domain: Procedure; presumption; conveyance; reservation of easements, rights or interests
1. Except as otherwise provided in NRS 37.270 and except as otherwise provided by federal law, all real property, interests therein or improvements thereon and personal property acquired by a commission pursuant to chapter 37 of NRS or purchased under the threat of eminent domain proceedings may, after approval by the commission and if no longer needed for reasonable public use, be disposed of in accordance with the provisions of subsection 2, except that:
Terms Used In Nevada Revised Statutes 277A.255
- Appraisal: A determination of property value.
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) If the property was originally donated to the commission, no charge may be made if the property is returned to the original owner or to the holder of the reversionary right.
(b) If in the opinion of the commission, a sale by means of a public auction or sealed bids is uneconomical or impractical because:
(1) There is no access to the property;
(2) The property has value or an increased value only to a single adjoining property owner;
(3) Such a sale would work an undue hardship upon a property owner as a result of a severance of the property of that owner or a denial of access to a public street or highway; or
(4) The property is too small to establish an economically viable use by anyone other than an adjoining property owner, the commission may sell, lease, convey or otherwise dispose of the property for a reasonable price as determined by resolution to be in the best interest of the commission.
(c) When the property is sought by another public agency for a reasonable public use, the commission may first offer the property to the public agency at its fair market value pursuant to NRS 277.050.
2. All property, interests or improvements not included within the provisions of paragraph (a), (b) or (c) of subsection 1 must first be offered for sale by the commission singly or in combination at public auction or by sealed bids. If the highest bid received is 90 percent or more of the commission’s appraisal of the fair market value of the property, the property may be sold to the highest bidder. The notice and the terms of the sale must be published in a newspaper of general circulation in the county where the property is situated. The auction and opening of bids must be conducted by the commission. If the property cannot be sold for 90 percent or more of its fair market value, the commission may enter into a written listing agreement with a person licensed pursuant to chapter 645 of NRS to sell, lease, convey or otherwise dispose of the property for a reasonable price as determined by resolution to be in the best interest of the commission.
3. It is conclusively presumed in favor of the commission and any purchaser for value that the commission acted within its lawful authority in acquiring and disposing of the property, and executing any conveyance vesting title in the purchaser. All such conveyances must be quitclaim in nature, and the commission shall not warrant title, furnish title insurance or pay the tax on transfer of real property.
4. No person has a right of action against the commission or its employees for a violation of this section.
5. The commission may reserve and except easements, rights or interests from the conveyance of any real property disposed of in accordance with this section. The easements, rights or interests include, without limitation:
(a) Abutter’s rights of light, view or air.
(b) Easements of access to and from abutting land.
(c) Covenants prohibiting the use of signs, structures or devices advertising activities not conducted, services not rendered or goods not produced or available on the real property.