The Transfer of Development Rights bill, HB 991, is moving forward in the General Assembly. From the Daily Progress today:
Del. Rob Bell, R-Albemarle, said his House Bill 991 would help create a pilot project to allow a market for the sale of development rights through a broker. It would allow landowners to sever their rights and sell them for use elsewhere.
Creating a market for intangible development rights? Creating a value for these is going to be very challenging.
Learn more about TDRs at Charlottesville Tomorrow, and these are a few stories from RealCentralVa – October 2006, January 2007, October 2007
It’s worth noting that the Realtors support this bill.
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I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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