Section 407. Release of Damage Claims or Compensation.--The governing body may designate any of its agencies to negotiate with the owner of land under the following circumstances:
(1) whereon reservations are made;
(2) whereon releases of claims for damages or compensation for such reservations are required; or
(3) whereon agreements indemnifying the governing body from claims by others may be required.
Any releases or agreements, when properly executed by the governing body and the owner and recorded, shall be binding upon any successor in title.