(a) If all violations listed on the certificate of 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 ($1,000.00), and equal to 150% of the higher estimated cost of repairs from between at least two City registered contractors capable of performing the work, 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 amount to be held in escrow shall be determined by a party of the transfer procuring written estimates from at least two companies capable of performing the work, which are currently registered to do business in the City. The amount deposited into escrow shall be 150% of the higher of the two estimates.
(Ord. 2014-27. Passed 6-3-14.)