A. If property is acquired for transportation purposes by agreement of the parties before the filing of a condemnation action or by stipulation before judgment in the condemnation action, the deed transferring the property shall provide the original owner or the original owner’s heirs with a right of first refusal to acquire the property if the director determines that the property is not needed or used for transportation purposes at a purchase price equal to the current market value of the property.

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B. The right of first refusal expires on the earlier of eight years after the date of recording the deed to the property from the original owner or sixty days after the director’s determination that the property is not needed or used for transportation purposes. If a deed transferring the property was executed before the effective date of this amendment to this section and provides for the right of repurchase, the right of repurchase expires on the earlier of eight years after the date of recording the deed to the property from the original owner or ninety days after the director’s determination that the property is not needed or used for transportation purposes. An original owner or an original owner’s heir who has a right to repurchase may elect to use either the right to repurchase or the right of first refusal.

C. If the director determines that the property is not needed or used for transportation purposes, if the deed transferring the property contains a right of first refusal provision and if the right of first refusal has not expired, the director shall offer the property to the original owner or the original owner’s heirs at a price determined pursuant to this section. If the original owner or the original owner’s heirs accept the offer within sixty days after the director determines that the property is no longer needed or used for transportation purposes, the director shall issue a quitclaim deed to the property on payment of the price. A quitclaim deed issued under this section or any deed or other document evidencing abandonment or sale by the director creates a presumption of compliance with the requirements of this section relating to the right of first refusal of the original owner or the original owner’s heirs and is conclusive evidence of meeting the requirements of this section in favor of purchasers and encumbrancers for value and without actual notice. Knowledge of the grantor shall not be imputed to the grantee.