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Junction City Land Bank approves cancellation of Deer Creek lot sale, returns $500 earnest deposit
Summary
The Junction City Land Bank approved a buyer-requested cancellation of an offer to purchase a Deer Creek lot for $5,000 and authorized return of a $500 earnest deposit after the contract was not fully executed.
The Junction City Land Bank on a voice vote approved a request to cancel the sale of Lot 1, Block 1, Deer Creek Addition and to return a $500 earnest deposit to the buyer, on a listed price of $5,000.
The action affects a previously accepted offer that the board was told had not been fully executed by both parties and that the transaction had not closed. Board members said the purchase contract had been signed by only one party and that the deed had not been filed with the register of deeds, so the land remained owned by the land bank.
Board members discussed the buyer’s stated economic reasons for withdrawing. The board’s motion to approve the cancellation was moved and seconded and carried after members confirmed the closing had not occurred. The agenda item referenced the cancellation of the land bank resolution associated with the Diamond Nuth purchase.
No further penalties or additional funds beyond the return of the $500 earnest deposit were authorized in the discussion recorded at the meeting.
The board handled the item during its consent/transaction portion of the meeting and did not direct additional follow-up on that specific parcel.
