Property acquisition is a transaction type that refers to a person (such as a Las Vegas investor) or other entity acquiring title to real property through the use of a deed. These deeds are utilized as the legal instrument that are used to transfer ownership of a property in real estate.
Real property can also be acquired via inheritance or through a court order.
These properties fall under different types of acquisitions:
HUD (Department of Housing and Urban Development) funded projects require the acquisitions of these real properties from owners through voluntary or involuntary means.
Voluntary acquisitions fall within and without eminent domain authority. With eminent domain authority, acquisitions need no specific site and several properties can be acquired for the use of project purposes as long as the property is not part of a designated, intended or planned project area where other properties will be acquired within specific time limits. The agency also informs (in writing) the owner the market value of the property, if the property will not be acquired (through failed negotiations) and provides relocation assistance to displaced tenants.
Involuntary acquisitions that fall under the URA (Urban Redevelopment Authority) are when an agency acquires property under threat or use of eminent domain. Eminent domain is the power of the government to take private property for public purposes with payment of just compensation. In addition, the agency promises the same in writing information and relocation assistance.
URA forms the basis of its protections from the Fifth Amendment of the United States Constitution. The Constitution states that “private property shall not be taken without payment of just compensation” and also that “no person shall be deprived of life, liberty or property without due process of the law.”