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Land Bank requires $1,000 nonrefundable deposit for sealed-bid winners
Summary
The Fayette County Land Bank voted to require a $1,000 nonrefundable deposit from sealed-bid winners, payable within 48 hours and credited at closing, to strengthen the sales process and reduce bid withdrawals.
The Fayette County Land Bank Board unanimously approved a new sealed-bid rule requiring winning bidders to submit a $1,000 nonrefundable deposit within 48 hours of notification. The deposit will be held by the Land Bank Treasurer and applied as a credit at settlement.
The motion, made by Jim Garland and seconded by Brenda Mossbarger, passed on a voice vote. The change is intended to secure commitments from prospective buyers and streamline closings; the board did not amend the deposit amount or timing at the meeting and directed staff to implement the new procedure.
Board members present were Tony Anderson, Joe Denen, Jim Garland, Brenda Mossbarger and Penny Patton. The motion was recorded as passed by voice vote with all in favor.
