TSALE flowchart

City of Pittsburgh Treasurer’s Sale and Property Reserve Process* Info Request: Property is identifed by 3rd party Rede...

0 downloads 146 Views 107KB Size
City of Pittsburgh Treasurer’s Sale and Property Reserve Process* Info Request: Property is identifed by 3rd party

Redemption Period Notice is given to all deed holdersǂ

Eligible Properties' 'feasibility applications' submitted

•CDC •URA •Private Party

-24wks

-24wks

-23-22wks

-23wks City completes due diligence for basic eligibility

***

-17-10wks

URA reviews for feasibility

+1-13wks

+16-18wks

+14wks

***

Pending Sale is publicly advertisedǂ

•1+ prior years tax delinquent? •Vacant? •Serviceable Address?

CDC deposits $ and Promissory Note

TREASURER'S SALE -7-1wks

**Property is placed into Pittsburgh Property Reserve with a Quit Claim Deed in City's Name

Notice made to all Lien Holdersǂ

Quiet Title Process

+20wks

QUIET TITLE PROCESS BEGINS

City Council authorizes transaction, City Prepares and enters into Proposal to Purchase agreement with CDC

Title Report Orderedǂ •All lien-holders identified •Bank •Taxing Bodies •Contractors

**While in Property Reserve:** Free & Clear Title Granted (by Judge)

Hearing for Quiet Title Petition

+6wks

+8wks Court Petition to Quiet Title

+18wks

+15wks

Notice to all parties of interestǂ

*Notes: • Not every step city agencies take is included in this chart, for simplification • Timelines provided are under best conditions. Actual timelines are slightly longer.

+17wks Closing (eligible) •settlement costs ǂ

• City of Pittsburgh owns the property, not the Community Group • No Property Taxes Accrue (but Water & Sewer monthly fees do) • City is responsible for basic maintenance and securing ǂ • No Liability or Property Insurance is needed