Section 16: Change in Property Status during Negotiations (for State)Anchor: #i1005034
After determining the appraised value and approved value, changes in the property could occur during negotiation which impact its value. This could occur due to:
- Anchor: #XKJKQSLP
- an upward or downward real estate market trend; Anchor: #GOTLIXGK
- changes in the property's highest and best use; Anchor: #MWCQEYKO
- additional improvements made by the property owner; Anchor: #XQWWFIVW
- property owner's neglect of the property, which would result in a depressed property market value; or Anchor: #JLAVECLG
- removal or damage to improvements due to fire, hail, storm, etc.
The negotiator should advise TxDOT of any changes to the property in order to determine the need to suspend negotiations.
On the day of and prior to closing, the negotiator should reexamine the property to determine whether any changes occurred and to determine if any improvements were removed from the property. There should be a clear delineation between realty and its component parts, to be acquired by TxDOT, and personalty to be removed by the property owner. Standard provisions of the memorandum of agreement indicate that either TxDOT or the property owner may terminate the agreement if, for any reason, condition of the property changes.