Purchasing land may be an excellent way to achieve the dream home or business you have always wanted. Having an experienced New York land-buying company by your side will help you make the right decisions that will result in an excellent investment for years to come.
The New York land buying company State Department of Transportation (NYSDOT) owns property that was acquired for transportation purposes and is no longer needed for that purpose. This is called surplus property and it can be sold three ways: SALE TO ABUTTING LANDOWNERS
Land that directly abuts the highway can be purchased by abutting landowners at fair market value based on NYSDOT’s appraisal. SALE TO PUBLIC ENTITIES
Public entities, such as NYCEDC or HPD, may issue public requests for proposals to develop certain City-owned sites. Sites selected through this process are awarded to the developer whose proposal best meets an agency’s development priorities.
SALE TO PUBLIC AUCTION
At a public auction, surplus property is sold to the highest bidder who meets all advertised terms and conditions of sale. Like a private real estate purchase, all buyers must sign a contract for the sale of the property. Typically, a down payment of 10% of the purchase price is delivered to the seller’s attorney for safekeeping in an escrow account. This down payment is refundable if the buyer decides to back out of the deal for a reason contemplated by the contract, such as failure to obtain a mortgage loan commitment.