Section 2: Conveyance of Commercial Sign Interests (for State)
Procedure
When a fee owner that also owns the sign structure agrees to the total compensation offered, the owner should execute form
, including any applicable retention or bisection special clauses. However, the owner may accept the State's offer (or negotiate an agreed separate value) for the sign structure only, by executing a
(or, when applicable, a
) while reserving the right to challenge the value of the land through ED.
When a sign owner who does not own any of the fee agrees to the compensation offered, the sign owner must release its interest in the sign structure or its interest in both the sign structure and leasehold property interest, by execution of the appropriate quitclaim deed form. The types of quitclaim deed forms are shown below:
- (expected typical situation, where the OAS owner is willing to quitclaim the structure and its leasehold interest in the land);
- (where the OAS is bisected and the OAS owner is willing to quitclaim the structure and its leasehold interest);
- (when the OAS owner is willing to quitclaim the structure but not its leasehold interest);
- (when the OAS is bisected and the OAS owner is willing to quitclaim the structure but not its leasehold interest).
In any event, when the sign structure is retained by the owner, take care to use the applicable form of conveyance instrument, which contains the appropriate retention, removal (notice to vacate) and reversion clauses.