1375.06 DUTIES OF ESCROW AGENT.

   (a)   When an escrow has been established in connection with the sale of residential property, the escrow agent shall not transfer title or distribute funds until there has been deposited in escrow an acknowledgment from the purchaser of the receipt of a copy of the Certificate of Occupancy indicating compliance with this chapter.

   (b)   When the seller or the purchaser has deposited into an escrow account funds to cover the costs of correcting violations, such funds shall not be released except as follows:

      (1)   Upon receipt of written verification from the Building Commissioner or his agent that all violations have been corrected; or

      (2)   Upon presentation of a bill or agreement approved by the Building Commissioner and signed by a contractor, the seller and the purchaser for violation corrections to be performed or which have been performed by the contractor; or

      (3)   Upon presentation of an agreement signed by the seller, the purchaser and the City authorizing release of the funds to the City to employ contractors to correct violations.
(Ord. 2006-071. Passed 4-4-06.)