Reversionary Interest Conveyance Act

12/19/2024, 5:23 AM

Reversionary Interest Conveyance Act

This bill directs the Bureau of Land Management (BLM) to offer to sell the reversionary interest of the United States in approximately 8.43 acres of land in Sacramento, California, as generally depicted on a specified map dated November 7, 2022. Within two years of receiving a request from the owner of the land, the BLM must offer the reversionary interest and convey the reversionary interest to the buyer upon payment. The payment must be in an amount that is at least the fair market value of the reversionary interest. The buyer must also pay all costs related to the applicable conveyance of the reversionary interest, including all surveys, appraisals, and other administrative costs.

The bill subjects the conveyance to valid existing rights.

The proceeds from the sale must be deposited into Federal Land Disposal Account.

Bill 118 hr 8946, also known as the Reversionary Interest Conveyance Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address issues related to reversionary interests in certain properties.

A reversionary interest is a legal term that refers to the right of a property owner to reclaim ownership of their property if certain conditions are not met. This can occur, for example, if the property is not used for its intended purpose or if specific terms of a contract are violated.

The Reversionary Interest Conveyance Act aims to streamline the process by which reversionary interests are conveyed. It seeks to clarify the rights and responsibilities of property owners and ensure that the process is fair and transparent. Specifically, the bill outlines procedures for notifying property owners of their reversionary interests, as well as requirements for transferring these interests to new owners. It also establishes guidelines for resolving disputes related to reversionary interests and provides mechanisms for enforcing compliance with reversionary terms. Overall, the Reversionary Interest Conveyance Act is designed to protect the rights of property owners and promote the efficient transfer of reversionary interests. It is an important piece of legislation that addresses a complex legal issue and aims to provide clarity and consistency in the conveyance of reversionary interests.
Congress
118
Number
HR - 8946
Introduced on
2024-07-08
# Amendments
0
Sponsors
+5

Variations and Revisions

7/8/2024
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
Passed in House
Introduced to Senate
Senate to Vote

Purpose and Summary

Reversionary Interest Conveyance Act

This bill directs the Bureau of Land Management (BLM) to offer to sell the reversionary interest of the United States in approximately 8.43 acres of land in Sacramento, California, as generally depicted on a specified map dated November 7, 2022. Within two years of receiving a request from the owner of the land, the BLM must offer the reversionary interest and convey the reversionary interest to the buyer upon payment. The payment must be in an amount that is at least the fair market value of the reversionary interest. The buyer must also pay all costs related to the applicable conveyance of the reversionary interest, including all surveys, appraisals, and other administrative costs.

The bill subjects the conveyance to valid existing rights.

The proceeds from the sale must be deposited into Federal Land Disposal Account.

Bill 118 hr 8946, also known as the Reversionary Interest Conveyance Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address issues related to reversionary interests in certain properties.

A reversionary interest is a legal term that refers to the right of a property owner to reclaim ownership of their property if certain conditions are not met. This can occur, for example, if the property is not used for its intended purpose or if specific terms of a contract are violated.

The Reversionary Interest Conveyance Act aims to streamline the process by which reversionary interests are conveyed. It seeks to clarify the rights and responsibilities of property owners and ensure that the process is fair and transparent. Specifically, the bill outlines procedures for notifying property owners of their reversionary interests, as well as requirements for transferring these interests to new owners. It also establishes guidelines for resolving disputes related to reversionary interests and provides mechanisms for enforcing compliance with reversionary terms. Overall, the Reversionary Interest Conveyance Act is designed to protect the rights of property owners and promote the efficient transfer of reversionary interests. It is an important piece of legislation that addresses a complex legal issue and aims to provide clarity and consistency in the conveyance of reversionary interests.
Alternative Names
Official Title as IntroducedTo convey the reversionary interest of the United States in certain land in Sacramento, California.
Policy Areas
Public Lands and Natural Resources

Comments

APPROVED
SN
Stetson Nixon
@plum_adjika_orange26362
I don't like this bill, it's gonna mess things up for us. #confused
APPROVED
AC
Aileen Chu
@turmeric_curry_leaf_perilla18587
I can't believe this bill is happening, it's so unfair! Why would they do this to us?
APPROVED
AB
Araceli Best
@powderdouce_atholl_signatory49818
I'm so excited about this new bill! It's going to make a big difference for me and my family. Can't wait to see how it all plays out!

Recent Activity

Latest Summary12/13/2024

Reversionary Interest Conveyance Act

This bill directs the Bureau of Land Management (BLM) to offer to sell the reversionary interest of the United States in approximately 8.43 acres of land in Sacramento, California, a...

Latest Action12/17/2024
Motion to reconsider laid on the table Agreed to without objection.