Park Forest — Ch. 18 Art. III Housing § 18-324

(a) Contracts for sale. All contracts for the sale of residential real property owned by the village shall be let to a responsible bidder, as defined in subsection (e) of this section, after advertising the property in the manner prescribed in subsection (c) of this section. Any such contract must be approved by the board of trustees and may be contingent upon the responsible bidder's ability to secure the necessary financing. All such contracts shall require the closing to take place within 60 days of the obtaining of a commitment for financing and, if applicable, the posting of sufficient security with the village to ensure completion of all required improvements under the rehabilitation plan, pursuant to subsection (e)(2) of this section.
(b) Leases. All lease agreements for the leasing of residential real property owned by the village shall not be executed until the subject dwelling unit shall have been improved so as to conform with all requirements of applicable sections of this Code. Any premises available for lease from the village shall be advertised in accordance with the requirements of subsection (c) of this section. All lease agreements shall be approved by the board of trustees and shall be for a term no longer than two years and shall require a security deposit in an amount equal to the rent for one month.
(c) Advertising. Advertising for the sale or lease of all property owned by the village shall be by a written notice published in a local newspaper having general circulation in the village. Such notice shall include a description of the property and shall state the sales price or amount of rent for one month. For a sale, information concerning required repairs and improvements, if the premises have not been rehabilitated to conform to Code requirements, shall be made available to any interested party.
(d) Real estate brokers. Upon approval of the board of trustees, the village manager may list any parcel of residential property for sale with a real estate broker, provided such broker is licensed with the state and is a member in good standing of a multiple listing service. Any listing agreement shall require the real estate broker to conform to the requirements of this division and shall not be for a term in excess of three months. Such listing agreement may be extended for an additional term of three months after approval by two-thirds of all trustees holding office. The village shall not enter into more than three listing agreements in any calendar year with any one real estate broker or firm of a real estate broker.
(e) Responsible bidder. A responsible bidder is a purchaser who can demonstrate:
(1) For sale of real property where the premises are in compliance with all applicable Code requirements, the ability to pay the purchase price, including all closing costs, or procure the necessary financing therefor; or
(2) For sale of real property where the premises are not in compliance with all applicable Code requirements, the ability to pay the purchase price, including all closing costs, or procure the necessary financing therefor and such additional amounts as determined by the village manager as necessary to pay for the repairs required under the rehabilitation plan to bring the premises into compliance with Code requirements within six months of the date of closing. The village manager may require such responsible bidder to post surety with the village, in a form approved by the village attorney, in an amount no less than the estimated costs of the rehabilitation plan.