(a) If all violations listed on the vacant building inspection are not corrected prior to transfer of title, an escrow account shall be established by a party to the transfer, in an amount not less than one thousand dollars ($1,000) and equal to 100 percent of the estimated cost of repairs, shall be deposited therein to pay for the cost to correct all remaining violations. No party to a transfer of a vacant building shall authorize or accept such transfer without ensuring compliance with this section.
(b) The Building Commissioner may establish the amount of the escrow based on a schedule of fees.
(c) A party of the transfer may procure written estimates from at least two companies capable of performing the work, which are currently registered to do business in the City of South Euclid. These estimates may be provided ot the Building Commissioner as an alternative to the schedule of fees for determining escrow.
(Ord. 11-10. Passed 3-22-10; Ord. 13-16. Passed 10-24-16.)