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Reversionary interest

A legal right held by a previous owner to reclaim property if certain conditions are met or if a specific event, like the end of a grant, occurs, meaning ownership could return to them in the future.

Bureau of Land Management (BLM)

A federal agency that manages public lands, primarily in the western United States, overseeing their use for various purposes like recreation, conservation, and resource extraction.

Fair market value

The price a property would sell for on the open market when both the buyer and seller are willing, knowledgeable, and under no pressure to complete the transaction.

Owner of record

The individual or entity whose name is officially listed on the legal documents, such as a deed, as the recognized owner of a property.

Right-of-way

A legal right that allows someone to cross or use another person's land for a specific purpose, such as a road, railway line, or utility corridor.

Federal Land Disposal Account

A special government fund where money from the sale of certain federal lands is deposited and then used to buy other lands or facilitate land exchanges for public purposes.