FAQ - Property Management
FAQ - Property Management
I saw an ADOT for sale sign on a piece of property. How can I find out more information?
First, check the Properties for Sale and Properties for Rent pages. If the property is not listed, call our office at 602.712.7587 or email us at [email protected] for more information.
What kind of property does ADOT sell?
ADOT sells any real estate that the department determines to be excess, including commercial (developed and vacant), residential and vacant land.
How is ADOT's asking price determined?
Each asking price is based on a current appraisal of the property. It is the appraiser’s job to determine market value based on their research of the real-estate market.
What should I do if I want to make an offer on a property that is for sale?
ADOT excess property can be purchased by presenting an offer, also called a Letter of Intent,accompanied by a cashier’s check or money order in the amount of 10-percent of ADOT’s asking price or $100,000, whichever is less, (unless residential 1-percent) as an earnest deposit.
What if mine is the only offer made on a property?
If no other offer to purchase is made to ADOT within the 30-day notice period, the property is sold to the original offer or upon expiration of the 30-day period.
What if there is a second offer?
An auction is required when ADOT receives a second offer to purchase during the 30-day notice period mentioned above. This is a public auction. Anyone can bid, provided they present prior to the commencement of bidding a letter of intent, cashier’s check or money order in the amount of 10-percent of ADOT’s asking price or $100,000, whichever is less, as an earnest deposit and also complete and sign the ADOT Bidder Form. A separate letter of intent, cashier’s check or money order and Bidder Form are required for each property to be bid on. Bidding is open and the property will sell to the highest bidder. Earnest deposits will be returned without interest if you are not the successful (i.e., highest) bidder.
On the day of the auction, after the auction has finished, the successful bidder shall contact the R/W Agent who will provide the Purchase Agreement and Environmental Release Form to be signed within three (3) business day by 11:59 pm, Arizona time (excludes weekends, State & Federally recognized holidays) and other documents and open escrow. The successful bidder will have five working days from the signed purchase agreement to deposit any balance of earnest money equal to 10-percent of the final purchase amount (the amount of the highest bid). In the event that the buyer is unable to perform, 10-percent earnest deposit will be forfeited and the property may be offered to the next highest bidder, who upon agreeing to purchase will have five working days after escrow is opened to provide the 10-percent earnest money after the signed purchase agreement and other documents.
What are the terms and conditions of sale?
Terms and conditions are the same whether the property is sold by direct sale or at an auction. All property is sold "as is, where is." All due diligence must be done by the buyer prior to presenting an offer, or prior to the auction. The buyer is responsible for obtaining financing. Escrow will be for no more than 60 days. The buyer pays all escrow costs and must sign an Environmental Release Form. The purchase agreement and any escrow instructions are not assignable until escrow has closed. Possession will be granted upon recording of the Special Warranty Deed and any other documents required.
If the successful bidder fails to make the additional earnest money deposit within the specified period, fails to pay the full purchase price within 60 calendar days from the date escrow is opened, or otherwise fails to comply with any of the terms of the purchase agreement, the successful bidder’s right to purchase the property shall terminate and the full amount of the previously paid earnest deposit shall be forfeited to ADOT. Any lease with ADOT that is still in effect at close of escrow will transfer to the new owner, along with the security deposit held by ADOT. If the ADOT lease is terminated and the tenant vacates prior to close of escrow, all or part of the security deposit, as determined by inspection of the property, will be refunded to the tenant.
How can I find out more about the ADOT excess land sale process?
Most ADOT excess land currently for sale is shown on the Properties for Sale and Properties for Rentpages. You can also call 602.712.7587, email us at [email protected] or send correspondence to this address:
Right of Way Property Management Section
Arizona Department of Transportation
205 S. 17th Ave.
Phoenix, AZ 85007