Negotiated Sale of Property is a term used within the property sector referring to a transaction between the federal government and a state or local entity. This process involves the selling of real property, such as land or buildings, at an appraised fair market value. The fair market value is determined by a thorough appraisal, taking into consideration recent sales of comparable properties, and the specific characteristics of the property in question.
In the context of a negotiated sale of property, the property itself will be repurposed for public use. This could encompass a variety of uses, such as a new public facility, recreational space, or any other purpose that serves the broader community. The sale is usually conducted through a contractual agreement, involving discussions and negotiations between the parties to arrive at an agreed price – hence the term ‘negotiated sale’. This process ensures transparency, fairness, and serves the interest of the public.
