Many people in Illinois enter into agreements and contracts for the buying and/or selling of privately or commercially owned property. Some real estate transactions don’t involve the purchase of property per se. Rather, they contemplate the exchange of property between property owners. A recent intergovernmental agreement includes the University of Illinois and the town of Normal.
The university’s Board of Trustees has reportedly approved the exchange of real estate parcels between the two entities. The town of Normal is also slated to receive $150,000 in addition to the trade for the considered fair market value of its properties. Both entities stand to benefit from the proposed property exchange; the town of Normal will add to its development, and the university will gain space for added parking availability.
It has also been reported that a new fire station will be built for the town, using the approved-for-construction parcel it stands to acquire in the property trade. Reports indicate that, in addition to expansion of parking areas, the university plans to use some of the property it will obtain for future development of its campus. The town of Normal has also agreed to purchase a privately owned apartment building as part of the proposed transactions.
Financing, zoning, taxes and other pertinent issues often associated with real estate transactions can sometimes become complex and complicated for the parties involved in an agreement. In such cases, it is typically beneficial to those in Illinois who have questions to address their concerns with a legal professional who has experience in real estate law. A business and commercial law attorney would be able to assess an individual transaction and offer guidance as to options that might be available in order to achieve a positive outcome in a proposed real estate deal.
Source: stories.illinoisstate.edu, “Board of Trustees approves real estate exchange“, Eric Jome, July 30, 2015