§ 3-9-105. SAME - PURCHASE PRICE.

(a)

Exception. This section does not apply to a conveyance under § 3-9-108(a) of this subtitle.

(b)

In general. Except as provided in subsection (d) of this section, the purchase price of property conveyed under this subtitle may not be less than the present appraised value of the property.

(c)

Property valued more than $25,000. If the value of the property is determined to be more than $25,000, two appraisals shall be obtained from independent qualified real estate appraisers.

(d)

Public sale price less than appraised value. Whenever property is to be conveyed by public sale and the highest bid or offer received at the sale is not at least equal to the appraised value, the property may be conveyed in accordance with the recommendations of the County Administrative Officer with the approval of the County Executive and the County Council.

(1988 Code, § 2-1) (Bill No. 159-96, § 1, 11-22-1996; Bill No. 31-99, § 3, 7-1-2004; Bill No. 96-99, § 1, 11-19-1999; Bill No. 77-08, § 1, 8-15-2008)