Purchase Contract: Signed, Sealed, Delivered

Last Tuesday, our purchase proposal went before Common Council, carrying the Community Development Committee’s recommendation to approve.  And hey, we got our approval.  It seems there is a ten day window following the approval during which the mayor has the option to veto the Council’s approval.  We must wait for that window to pass before we can start closing on the house.  Of course, there is no reason why the mayor would want to veto our proposal; it’s just the process.  If this were the sale of a larger building or a group of homes, I could see why such a window would exist, especially if there are unresolved issues in the community regarding the sale.  For us and our house, it is just another wait.  On the other hand, we’re lucky that our scarred house is not valued anywhere near $50,000 or more, because a visit to the Fiscal Stability Authority would be required.

Fortunately, while we wait we can get a head start on the paperwork.  On Friday we received our purchase contract in the mail, with instructions to sign it in front of a notary and return it to the Real Estate Dept.  On a hunch that someone in Real Estate would be able to notarize, we simply took the form down during lunch today and signed it there.  A check for one tenth of the sale price is also required as a deposit, so now we have money in this.  In addition to the cost of the appraisal, of course.

We don’t yet have a closing date set, but I’m hoping for full ownership by October.  That might be optimistic, but I’m still hoping.  Who knows; in a few weeks we may have some rehab photos to post.

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