156.07 CONVEYANCE
156.07 CONVEYANCE
The Department shall convey the real property acquired for the purposes of this Ordinance to those persons quaIified under 156.06 of this chapter by using the methods prescribed by (a) or (b).
(a) The real property may be conveyed by a conditional sales contract, with title to remain in the City of Richmond for a period of at least one (1) year.
(b) The title to real property may be conveyed to the purchaser as a determinable fee, with the language of the granting clause in the deed of conveyance to include the language, “The property is conveyed on the conditions that the purchaser:
(1) Will reside in the dwelling as his principal place of residence for a period of not less than three (3) years;
(2) Will bring the residence up to minimum code standards in twelve (12) months;
(3) Will carry adequate fire and liability insurance on the dwelling at all times.
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