Title
A resolution authorizing the sale of tax-foreclosed property located at 515 Old London Lane in Mesquite, Texas (the “Property”); accepting the offer from Jose Serrato (the “Purchaser”) to purchase the Property; ratifying and approving the Offer and Purchase Agreement executed by the Purchaser setting forth the terms and conditions of the sale of the Property; and authorizing the City Manager to execute a quitclaim deed and all other documents necessary or requested to complete the closing and sale of the Property.
Body
A list of tax-foreclosure properties available for sale was listed on the City’s website. The City received an offer on the vacant lot located at 515 Old London Lane. The offer fell under V.T.C.A., Tax Code § 34.05(j). Because the $40,000.00 offer that the City accepted is greater than the $22,750.00 market value shown by the Dallas Central Appraisal District, this section of the Code discharges and extinguishes all liens foreclosed by the judgment and all post-judgment taxes, penalties and interest, except for prorated taxes for the year of closing, and requires the consent of all taxing entities entitled to proceeds of the sale.
Mesquite Independent School District’s Board of Trustees consented to the sale by resolution on July 27, 2020.
Dallas County Commissioners Court consented to the sale with the passage of Court Order 2020-0799 on August 4, 2020.
If approved, at closing the City, acting as trustee of the property, will distribute the sales proceeds of $40,000.00 among each taxing entity. The purchaser has indicated that they will build a new single-family residence on the lot for their own occupancy.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Brenda Hood
Head of Department
Ted Chinn