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Reasons Why a Real Estate Transaction with a Local Government May Take So Long | Sands Anderson PC

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When an Industrial Development Authority, sometimes called an Economic Development Authority (IDA/EDA), purchases or sells real property, the transactions look much like any transaction with any other entity landowner. However, when a locality – a county, a city, or a town (school properties and courthouse properties are omitted from this discussion) – wishes to sell or acquire real property, the transaction will have requirements that may not be as familiar to those who regularly engage in private transactions.

For those of us who do work with localities to purchase, sell, develop, grant easements over, and otherwise engage in real estate transactions involving localities, my primary recommendation will be to have patience. There are a number of unavoidable statutory requirements – and even limitations – that must be adhered to, so make sure you factor those into your project timeline and your project objectives.

Public hearing to sell or…

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