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Current as of January 01, 2024 | Updated by Findlaw Staff
An agency acquiring real property for a program or project for which federal financial assistance will be available to pay all or any part of the cost of the program or project shall, as soon as practicable after the date of payment of the purchase price or the date of deposit into court of funds to satisfy the award of compensation in a condemnation proceeding to acquire real property, whichever is the earlier, reimburse the owner to the extent the acquiring agency considers fair and reasonable for:
(1) expenses the owner necessarily incurred for recording fees, transfer taxes, and similar expenses incidental to conveying the real property to the acquiring agency;
(2) penalty costs for prepayment for any preexisting recorded mortgage or deed of trust entered into in good faith encumbering the real property; and
(3) the pro rata portion of real property taxes paid that are allocable to a period subsequent to the date of vesting title in the acquiring agency or the effective date of possession of the real property by the acquiring agency, whichever is earlier.
Cite this article: FindLaw.com - Montana Title 70. Property § 70-31-302. Reimbursement of closing costs and taxes incurred by owner - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-70-property/mt-st-70-31-302/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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