1507.14 DISPERSAL OF FUNDS BY ESCROW AGENTS.

   (a)   No person acting in the capacity of an escrow agent in any real estate transaction involving the sale or transfer of a Vacant Property shall disperse any funds held in escrow in compliance with Sections 1507.12 unless there has been compliance with Section 1507.13.

   (b)   Funds shall be disbursed only upon written authorization from the Fire Chief. The Fire Chief or his or her designee may authorize the release of funds as payment in full to a contractor as each violation of this Chapter is corrected if the amount due does not exceed the written estimates obtained pursuant to Section 1507.12. In the event the amount due exceeds the contractor's original written estimates, the Fire Chief or his or her designee may only authorize the release of funds to the contractor if the Fire Chief or his or her designee makes a written finding that sufficient funds will remain in the escrow account to correct all other remaining violations on the property.

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