Washington Code 79.19.040 – Management of property held in land bank
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The department may manage the property held in the land bank as provided in RCW 79.10.030. However, the properties or interest in such properties shall not be withdrawn, exchanged, transferred, or sold without first obtaining payment of the fair market value of the property or interest therein or obtaining property of equal value in exchange.
NOTES:
Intent—2003 c 334: See note following RCW 79.02.010.
Terms Used In Washington Code 79.19.040
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.