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General Buyout Policy 1. A residential buyout package must encompass no more than one (1) acre or less. Any survey fees will be paid for by the city with grant funds. 2. Garages and outbuildings must be located on the same property and be considered as a part of the residential package. 3. The city will conduct a title search to determine the rightful owner(s) of the property prior to making an offer to buy. The cost for the title search will be paid for by the city with grant funds. 4. If a title search is not conclusive regarding true ownership, it will be the sole responsibility of the reported property owner to prove ownership. The city will not pay for any legal costs necessary to prove ownership. 5. The title to the property must be clear of all liens before the city will take title to the property. If the lien amounts cannot be satisfied prior to the closing, all lien amounts due will be deducted from the buyout proceeds at the time of closing. 6. All properties will be appraised by a State of Missouri, board certified, licensed appraiser. This process is outlined in more detail on page 3. The cost for the appraisal will be paid for with city grant funds. 7. All buyout participants must sign a statement recognizing that this program is voluntary and therefore not entitled to any relocation assistance under the Uniform Relocation Assistance Act. 8. Property owners will be given two (2) weeks from the date of offer to decide if they will accept or reject the city's offer to purchase. 9. Property owners will be required to vacate the premises entirely prior to closing. All personal property remaining on or in the structure(s) will be considered city property after closing. 10. Property owners are not allowed to remove structural items from the home after the appraisal is completed. If a property owner wishes to remove an item that would normally remain in a real estate transaction (for example, light fixtures, windows, doors, hot water heaters etc.) The appraisal must be reduced by the current market value ofthe removed item. 11. Once a property has been acquired by the city, any items within the structure must be disposed of in a public manner. The city rimy choose to remove usable items and store them until a public auction can be held or bids received by all interested citizens. Or, salvage rights may be granted to the demolition contractor, in which case, citizens then would contact the demolition contractor if interested in select items. 12. Current property owners are responsible for the property taxes on the structure from the first of the year through the date of the closing on a pro-rated basis. 2