SB1476: Vacant and blighted or derelict property; locality allowed to sell.

Legislative Summary

Sale of certain vacant and blighted or derelict property. Allows a locality where certain vacant and blighted or derelict property is located to petition the circuit court to appoint a special commissioner to execute the necessary deed or deeds to convey the real estate, in lieu of a sale at public auction, to the locality, to the locality's land bank entity, or to an existing nonprofit entity designated by the locality to carry out the functions of a land bank. The bill provides that the locality shall require any purchaser by covenants in the deed or other security instrument to (i) begin repair or renovation of the property within six months of purchase and (ii) complete all repairs or renovations necessary to bring the property into compliance with the local building code within a period not to exceed two years of the purchase.