The mayor and the city clerk are authorized to execute, under the corporate seal of the city, good and sufficient deeds of conveyance of any parcel of real estate so acquired by the city as the result of the foreclosure of any liens for taxes or special assessments, upon the payment to the city, by the purchaser of a parcel, of a sum of money at least equal to the amount of the taxes, special assessments, costs or fees that shall have been advanced by the city in the payment of taxes, assessments and other legal impositions levied and assessed against each of the parcels of real estate as may from time to time be sold. (1996 Code § 27-1)