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City of St. Louis
Purchasing Property: Purchase Approval Process
| Approval Steps |
| Option to Purchase |
| Closing |
| "Fast Track" Approval Policy |
| Additional Information |
An option to purchase is a contract that removes the property from the active list and gives you site control (not ownership).
The lengths of option periods vary and generally range from 3-12 months.
The amount of the option fee is 10% of the purchase price.
This fee is credited to your price at closing.
If you do not close, the fee is forfeited.
If you want more than one building, we may provide an option that allows one building at a time be transferred upon completion of the previous acquisition, to ensure that buildings are completed in a timely manner.
Closing:
After the Commission meeting, you will be notified, in writing, of their decision on the sale of the property.
If your offer is accepted, we will order title insurance.
This may take several weeks to receive.
Upon notification of its receipt, you will be given up to 15 days to close.
In addition to the cost of the property, you will be responsible for paying for title insurance and recording fees.
These costs normally do not exceed $200. The Building Division is notified of all sales, and they may require you to apply for a building permit.
FAST TRACK APPROVAL POLICY
Offers to purchase LRA property received between the cut off date (12 noon of the last Wednesday of the month) and the Friday before the next LRA Meeting MAY be considered at the next meeting, provided ALL of the following criteria are met.
- The property is classified "A". All properties listed on our vacant lot and building list are classified "A". If you are not sure, ask our receptionist.
- The offer is for ONLY ONE OR TWO PARCELS of property. At the staff's discretion, large single parcels or large two-parcel offers, or high profile parcels may be directed to our normal process and schedule.
- The STANDARD VALUE price is MET OR EXCEEDED.
- Evidence that the buyer has sufficient resources to complete the plan, and that the proposed use is appropriate and would not interfere with any other development plan for the area.
- NO OTHER OFFERS HAVE BEEN SUBMITTED FOR THE SAME PROPERTY FOR THE CURRENT MONTH'S MEETING, OR THERE ARE NO APPOINTMENTS FOR THIS PROPERTY FOR THE CURRENT MONTH OR THE NEXT MONTH.
- An Aldermanic letter MUST ACCOMPANY THE OFFER.
ALL OFFERS MUST BE SUBMITTED FOR CONSIDERATION TO THE LRA COMMISSION ADDITIONAL INFORMATION
If the LRA Commission rejects your offer, you must wait 90 days before another offer may be submitted, unless new information is presented.
LRA Board meetings are open to the public. You are encouraged to attend the meeting if you would like to address the Commission about your offer.
Larger structures are marketed to developers and users that have the resources which will benefit the adjacent community. Many of the structures have nominal prices, and the sale is based on the use and financial ability of the users/developers to complete the project.
The agency considers a vacant and vandalized, a building that is vacant, and, at a minimum, will need new plumbing, electric heating and cooling, a new roof and tuckpointing.
Purchasing Property Home
This Page Last Modified: 11/19/07
