(a) No person, agent, firm or corporation shall transfer or convey title to real estate governed herein in a bona fide transfer for a good and valid consideration.
(b) The seller or transferor shall deliver to and obtain the signature of the purchaser or transferee and the date of such signature upon a duplicate of the original Certificate of Inspection, which shall be deposited in escrow if there is an escrow.
(c) Attached thereto shall be a written agreement signed by the seller and purchaser identifying the party who will be responsible to correct all violations listed with the Certificate of Inspection and notwithstanding any outstanding or new mortgage indebtedness or lien upon the premises, providing that all necessary funds shall be deposited or retained in escrow sufficient to pay for the costs to correct all violations, which funds may be released totally or partially, as the work progresses, upon the authority of the Building Commissioner so long as funds are retained to complete unfinished work. In lieu of such funds, a payment bond may be approved by the Director of Law.
(d) A copy of such acknowledged receipt of the Certificate of Inspection and the agreement required above shall be provided to the Building Commissioner as a condition of transfer of title.
(Ord. 2007-104. Passed 10-10-07.)