60A - PROPERTY DISPOSITION POLICY

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Sec. 2-706.2. - Same—Method of payment. Sales of real property shall be on an all cash basis with the following exception: Upon written recommendation of the city manager and approval by the council, a parcel of surplus real property may be sold on such credit terms as are deemed to be necessary in each case. After the required down payment has been made, the balance of the purchase price shall be secured by a note and deed of trust. The credit payment period shall not exceed fifteen (15) years from the date of execution of the trust deed. Interest shall be at the prevailing rate in the community allowed by the Federal Housing Administration (FHA) as of the date of the public sale, but shall not include any FHA mortgage insurance premium. (Ord. No. NS -1265, § 2,8-4-75) Sec. 2-707. - Same—Broker listing; maximum commission; nonliability of city agent. The city council, when it determines that any real property owned by the city be disposed of, may authorize the director of public works to execute a written listing contract to find bidders with a licensed real estate agent or broker, and may specify that said property be placed in multiple listing. Said listing contract shall specify the maximum commission to be paid if the property is sold, which said commission shall in no case exceed six (6) percent of the sale price on property improved with a habitable building and shall in no case exceed ten (10) percent on unimproved property. No personal liability shall attach to any agent of the city who signs any such contract on behalf of the city. (Code 1952, § 2615; Ord. No. NS -256, § 1, 6-3-57; Ord. No. NS -1082, § 1, 6-21-71; Ord. No. NS -1265, § 11, 8-4-75) Sec. 2-708. - Same—Payment of commission; division of commission. In the event an agent covered by the contract, as set out in section 2-707, procures a bidder who submits the highest bid and to whom the sale is made and completed in due course, the commission provided in said contract shall be paid to said agent. In event an agent covered by the contract submits the highest written bid which conforms in all respects to the city's invitation to bid and the provisions of section 2-706, and an oral bid conforming to said requirements is made by a different bidder and results in the sale being made and completed to said different oral bidder, then one-half ('/z) of the commission originally fixed shall be paid to the listing agent who procured the original highest written conforming bid. If the successful oral bidder was procured and is represented by a licensed real estate agent or 60A-39