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2006 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 25.1-108 of the Code of Virginia is amended and reenacted as follows:
§ 25.1-108. Offer of repurchase to former owner.
A. If a condemnor has acquired a fee simple interest in
property by exercise of its power of eminent domain and subsequently declares
that the property is surplus within 15 years of being vested with the title to
such property, the condemnor shall offer, within 30 days following such
determination, to sell such property to the former owner or his heirs or other
successors or assigns of record, unless the former owner had waived his
right to the offer of repurchase. The right to the offer of repurchase
cannot be waived and any contractual provision or agreement waiving such right
is void and unenforceable. The offer to sell shall be made by the condemnor
at the price paid by the condemnor to the former owner plus interest at the
annual rate of six percent; provided that the condemnor may increase the price
by the fair market value of the condemnor's improvements, determined at the
time the offer to sell is made. In no case shall the price established by the
condemnor exceed the fair market value of the property at the time the offer to
sell is made. If no written response is received by the condemnor from the
former owner within 90 days after the offer to sell has been made, the former
owner shall be deemed to have waived his right to the offer of repurchase.
Nothing in this section shall be construed to require a condemnor to offer to sell property the condemnor has acquired by the exercise of its eminent domain to a former owner after 15 years from the date that the condemnor is vested with the title to such property.
B. Notice of the offer to repurchase shall be sent by certified mail to (i) the last known address of the former owner and (ii) the address of the last owner of record as it appears in the tax records of the local treasurer.
C. This section shall not apply to property acquired by the Commonwealth Transportation Commissioner pursuant to Title 33.1.