1343.07  PURCHASER SIGNATURE ON CERTIFICATE OF INSPECTION AND DEPOSIT IN ESCROW; ESCROW AGENT OBLIGATIONS; AND VACANT DWELLING ESCROW OBLIGATIONS.
   (a)   The seller shall obtain the signature of the purchaser on the Certificate of Inspection and shall, when an escrow account has been established, deposit such signed Certificate of Inspection in the escrow account.
   (b)   No person, agent, firm, entity, or corporation acting in the capacity of an escrow agent in any real estate transaction involving the bona fide sale, transfer, or conveyance of any dwelling, or the land upon which such buildings are located, within the Village shall file or record any instrument to transfer title thereto or disburse any funds from such sale until a Certificate of Inspection, signed by the purchaser, has been deposited with the escrow agent.
   (c)   Rental Dwelling Escrow and Vacant Dwelling Escrow.
      (1)   If all Code violations relating to a rental dwelling or vacant dwelling are not corrected prior to transfer of title, an escrow account shall be established by a party to the transfer, a deposit amount of not less than one thousand dollars ($1,000.00) and not more than twenty thousand dollars ($20,000.00), regardless of the amount of the estimated cost of repairs, shall be deposited therein to pay for the cost of correcting all outstanding Code violations.  No party to a transfer of a rental dwelling or vacant dwelling shall authorize or accept a transfer of a dwelling without complying with this section.
      (2)   The amount to be held in escrow shall be determined by a party to the transfer after procuring written estimates from at least two (2) companies capable of performing the work and registered with the Village.
      (3)   If the party establishing the escrow can demonstrate to the Building Inspector that, after a good faith effort, he or she is unable to obtain two (2) written estimates, the Building Commissioner, in conjunction with the Village Engineer and any other necessary consultants, will determine the amount of the escrow.
      (4)   No person acting in the capacity of an escrow agent in any real estate transaction involving the transfer of title of a rental dwelling or vacant dwelling, or the land upon which such dwelling is located, shall disperse any funds held in escrow under this chapter unless all Code violations have been corrected, as determined by the Building Commissioner and indicated by the Building Commissioner in writing.
      (5)   Funds may be disbursed, upon written authorization from the Building Commissioner, in the following manner:
         A.   As payment in full to a contractor as each violation is corrected, provided the amount does not exceed the written estimate; and
         B.   As payment in full to a contractor as each violation is corrected when the amount due exceeds the written estimate upon the Building Commissioner's written finding that sufficient funds remain in escrow to correct all remaining violations.
      (6)   The escrow fund shall be closed only upon written notice by the Building Commissioner to proceed with the escrow fund closure.
         (Ord.  2019-32.  Passed 5-8-19.)