1507.12 ESCROW DEPOSIT REQUIRED PRIOR TO SALE

   (a)   If any outstanding violations of this Chapter existing on a Vacant Property are not corrected prior to the scheduled date for transfer of title to such property, an escrow account shall be established by either party or both parties to the property transaction. The escrow amount shall contain an amount equal to one hundred percent (100%) of the estimated cost to bring the Vacant Property into compliance with this Chapter, but in no case less than one thousand dollars ($1,000.00), to pay for the cost to correct all remaining violations.

   (b)   The amount to be held in escrow shall be calculated by procuring written estimates from at least two (2) qualified companies capable of performing the work, which are currently registered to do business in the City of Hamilton. The amount deposited into escrow shall be one hundred percent (100%) of the higher of either: (i) the two estimates; or (ii) one thousand dollars ($1,000.00).

   (c)   No party to a transfer of Vacant Property shall authorize or accept such transfer without ensuring compliance with this section. Either party or both parties to the transaction shall provide the City with proof of compliance with this section, upon request by the City therefore. If the party or parties establishing the escrow account can demonstrate to the Fire Chief that, after a good faith effort, he or she is unable to obtain written estimates, the Fire Chief shall establish the amount to be placed into escrow.

   (d)   The escrow account provided for in this Section 1507.12 shall be held by an independent escrow agent. The account may only be closed after the Owner, Authorized Agent and/or Person in Charge receives written authorization from the Fire Chief to close the account.

(Ord. 2021-4-24. Passed 4-14-21.)