4 & 5. Letter of Offer
If the public utility lot can be sold, City appraisers assess the market value and a property agent prepares your letter of offer that includes the purchase price, payment options and the conditions of sale.
Typically the costs associated with purchasing a portion (half) of a utility lot, above and beyond the market value of the utility lot itself, are around $7,500.
There are 2 payment options to choose from:
A) Approximately four to six months sale process to completion. Once utility rights-of-way have been registered, the client receives the Transfer of Land subject to consolidation by title with the client's lot.
B) Five Year Term Sale. Five equal payments with no interest (18% interest on late payment). No penalty if paid in full before the five year term is completed. Once paid in full, the client receives the Transfer of Land subject to consolidation by title with the client's lot. This option is only available if the public utility lot can be consolidated by title.