What Is a Reservation From a Conveyance Property?

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As a potential land buyer, you might find a bargain-priced land conveyance property because of nonpayment on taxes or other reasons. Because of reservations to the conveyance, you might encounter repercussions on the deal. The government holds the rights to reservations on the minerals of public land conveyances as well as reservations to land associated with hazardous materials. A time frame might be attached to land conveyances before any construction can take place in case previous land owners resurface. Without careful consideration of reservations on a conveyance property, that good deal might become just a piece of land that holds the earth together.

Mineral Interests

  • The U.S. government can hold public land for conveyance to land buyers. The deed on the conveyance of public land might reserve its mineral interests held on and beneath the land parcels. The government's reservation of the minerals on the conveyance property gives it the right to mine, remove and claim the minerals on the land.

Multiple Owners

  • Where land has been owned and transferred for several years, one or more conveyances might have been made on a property. To clear issues of the possibility of multiple owners to a parcel of land, the conveyor might reserve all or part of the conveyance for a period of time as determined by the state in which the property is situated. If the conveyor fails to identify that the property was previously conveyed and no notice is given to the new owner, the conveyor releases the reservation on the conveyance property.

Tax Deeds

  • For a good land deal, a buyer might look for a tax deed conveyance with clear title of minimal mortgages or liens to be settled. A reservation for a redemption period on the tax deed conveyance property might exist. This reservation gives the prior owner a chance to redeem the property by paying the sale price from the new owner within one year from the date of the sale.

Hazardous Substances

  • If a hazardous substance has been identified on public conveyance property, the disposal agency of the hazardous substance must provide information of the hazard in the conveyance document. The information must include the identified substance, the protective actions taken, a commitment from the U.S. government to correct any hazardous conditions which may occur after the conveyance. The government reserves the right to access to the conveyance property if future remedial action is required.

References

  • Photo Credit Siri Stafford/Lifesize/Getty Images
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