§ 20.80.020. Deposit on purchase of foreclosed property.
Latest version.
The Director of Finance and Administrative Services is authorized for and on behalf
of the City to accept deposits of money amounting to not less than 5-percent of the
purchase price of any property proposed to be sold as earnest money and to issue his
or her receipt therefor. Any such deposit shall be placed in the Guaranty Deposit
Fund, and if the depositor fails, through no fault of the City, to enter into a contract
for the purchase of the property involved within ten days after the Director notifies
him or her that a duly authorized or approved contract, executed on behalf of the
City, is ready for execution on his or her part, such deposit shall be deemed forfeited
and become the property of the City, and the amount thereof shall be transferred to
the Local Improvement Guaranty Fund. If the depositor enters into such contract within
the time mentioned in this section, the amount of the deposit shall be credited upon
the purchase price agreed to be paid and shall be transferred to the Fund of the Local
Improvement District levying the assessments, and if the district has been closed
to the Local Improvement Guaranty Fund. If the City fails, by reason of any fault
on its part, to make available for execution by the depositor such contract of sale
within 60 days after the receipt of the deposit, the depositor may, at his option,
demand the return of his deposit.
