1414.08 DISPERSAL OF FUNDS BY ESCROW AGENTS.

No person acting in the capacity of an escrow agent in any real estate transaction involving the sale or transfer of a vacant building, shall disperse any funds held in escrow in compliance with Section 1414.06 unless there has been compliance with Section 1414.07.

(a) Funds shall be disbursed only upon written authorization from the Building Commissioner or his/her designee as follows:

(1) The Building Commissioner or his/her designee may authorize one partial release of funds from the escrow account established per Section 1414.06 once completion of asignificant number of violations occures, as long as sufficient funds remain in escrow to correct all other remaining violations; and remaining escrow will be released in full once all violations are corrected and a certificate of compliance is obtained.

(Ord. 11-10. Passed 3-22-10; Ord. 13-16. Passed 10-24-16.)

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