Properties

Purchasing Land Bank Properties

Purchase Process

To submit an offer to purchase a property from the Land Bank, please complete and submit the following documents:

• Purchase Contract
• Property Purchase Application
• Lead Compliance

Mail completed Contract, Application and Compliance form to:
Wayne County Regional Land Bank, 16 William St., Lyons, NY 14489

Conditions of Sale

Potential buyers should be aware and agree to the following terms and conditions related to property purchase of Land Bank properties.

Below is a brief explanation of certain terms of the Land Bank’s contract to purchase and sales process.

This list does not contain all terms and conditions contained in the Purchase Contract. Accordingly, please carefully review the purchase documents. Information on this website should not be relied on as legal advice. The Land Bank strongly recommends that potential buyers consult with their attorney and have them review the purchase documents prior to submission.

• Strong preference will be given by the Land Bank to applications for purchase from residents of Wayne County
• Application for purchase is open to anyone in a contiguous county (Ontario, Wayne, Cayuga, Tompkins, Schuyler, Yates) with a viable property management plan included with the Purchase Application
• The Land Bank, as part of its’ sale process, will consult with the Town or Village to discuss the buyer’s intended use of the property to assure it falls within their plans and/or vision for their community
• Applicants for purchase:
• Must not owe back taxes, fines or fees to Wayne County or any Town or Village in Wayne County
• Must not have a history of tax foreclosure in Wayne County
• Must not have outstanding code violations in Wayne County
• Must not have a history of repeated code violations in Wayne County
• The applicant for purchase, or any spouse, parent, sibling or child of the applicant, must not have possessed an interest in the property for which the applicant is applying to purchase at the time such property was foreclosed upon by Wayne County for tax delinquency.
• All Land Bank properties are sold “As-Is” and no warranties or representations are made regarding property condition. It is the buyer’s responsibility to inspect the property and schedule walk-through prior to closing.
• All property purchased from the Land Bank will be required to meet the appropriate requirements of Town or Village Code Enforcement within a certain time period from purchase.
• The Land Bank will likely identify work that needs to be completed prior to a buyer obtaining clear title to the property. The Land Bank may place an Enforcement Mortgage on the property listing the required repairs and upgrades that are necessary to the property. On a residential or commercial structure, the minimum requirement will include having the buyer make sufficient repairs necessary to obtain a Certificate of Occupancy from the local Code Enforcement Official. The Enforcement Mortgage will only be removed after the buyer has met the conditions agreed to by the buyer and the Land Bank. Failure to complete the agreed upon work within the agreed upon time may lead to the Land Bank foreclosing on the property.
• It is the buyer’s responsibility to contact the Town or Village before closing to verify their planned use of the property and current/planned configuration is legal and/or determine the necessary permit(s) to be obtained for renovation and/or property use.
• There are certain additional closing costs associated with the purchase of a land bank property that will be paid by the buyer. These include, but are not limited to:
  • Buyer/Seller Attorney fees
  • Title Searches
  • Title insurance surveys
  • Home inspections or other Real Estate Testing
  • Transfer Tax
• If the Purchase Application is provisionally accepted by the Land Bank, the potential buyer may be required to obtain written quotes for any and all renovations that will be done by a licensed third party. The Land Bank will check proof of funds to complete the project before signing the Purchase Contract.
• Land Bank properties are currently exempt from property taxes. Property will become taxable on the date of property transfer. The buyer will be responsible for pro-rated taxes for the remainder of the current tax year, from the date of property transfer.
• The potential buyer should carefully read the application and contract and understand that an incomplete application may be rejected.
• Other restrictions may apply as outlined in the Disposition Policy