SPEND A LITTLE GET A LOT!

Program Overview

The Albany County Land Bank is a nonprofit organization committed to stabilizing neighborhoods and strengthening communities across Albany County through the acquisition, improvement and responsible disposition of tax-foreclosed, vacant and abandoned properties. During the month of June select vacant lots owned by the Land Bank will be sold for $100 plus reduced closing costs!

Purchase applications will be accepted between June 1 and June 30, 2017. Incomplete applications or those submitted after June 30, 2017 will not be eligible for consideration. Applications will be selected in early August.

HOW TO SUBMIT AN APPLICATION: Applications can be submitted to the Land Bank’s Office, 69 State Street 8th Floor, Albany, NY. The office is open MON-FRI 9 AM to 5 PM. Applications may also be submitted electronically to Charlotte O’Connor (coconnor@albanycountylandbank.org).

How to Determine Eligibility

To be eligible buyers must be property owners located on the same block, must be current on all taxes, water/sewer bills, and have no outstanding code violations or unresolved foreclosures. Preference will be provided for applications as outlined below. In the event of competing applications of the same priority applications will be selected by lottery.

Participating Properties

Side Lot Map

ASSOCIATED FEES/ESTIMATED EXPECTED CLOSING COSTS

Eligible lots are available for a purchase of $100 plus significantly reduced closing costs. Buyers are responsible for all associated closing costs which, at a minimum, should be expected to range between $700 and $800 in addition to the property purchase price.

TERMS AND CONDITIONS:

  1. I understand that owing back taxes, having outstanding code violations or unresolved foreclosures would mean that my application or purchase cannot proceed until such time as those issues are resolved.
  2. All information provided in the application is complete, accurate and current.
  3. I will maintain the property in accordance with all land use, zoning and property maintenance laws and ordinances.
  4. I will pay all costs and fees associated with the property, the closing of this transaction and any future related transactional costs, including any and all delinquent taxes and outstanding water assessments, if applicable.
  5. I understand the aforementioned fees, taxes, and other costs of closing are good faith estimates and are subject to change at closing.
  6. I agree that the Albany County Land Bank may decline my offer to acquire this property for any reason or choose not to sell the property at its sole discretion.
  7. I agree that if my offer is accepted and I have been provided with a Contract to Purchase, I will have three business days to execute the contract. If I do not execute the contract within three business days, the Land Bank reserves the right to cancel the transaction. I will have an additional three days from the signing of the sales contract to review it with an attorney and to seek attorney approval. If I fail to notify the Land Bank that I do not have an attorney, or that my attorney does not approve the contract within the three business day period, I waive that contract contingency and the contract will be deemed approved.
  8. I understand that for a period of five (5) years commencing on the date of the sale, I will remain in title to the property and maintain the property. The Land Bank will have a right of reverter if I fail to comply with these terms.
  9. I understand that all Land Bank properties are sold in “as is” condition and no warranties are made regarding property condition. I will assume all responsibility to investigate, and if necessary, repair the physical condition of the property or properties or of any structures or improvements located on any of the properties.
  10. I understand that under the terms of sale, I will have 30 days to ensure the property meets all municipal codes, rules, and regulations or the Land Bank may reclaim the property.
  11. I understand that the closing costs as disclosed to me are contingent upon no title search being performed and immediate closing once the application is approved. If a title search/insurance is requested, it is at the sole expense of the buyer and additional attorneys’ fees may apply.

ADDITIONAL TERMS AND CONDITIONS INCLUDE, BUT MAY NOT BE LIMITED TO:

  • To be eligible buyers must be property owners located on the same block. Preference will be given to applicants in this order: 1) immediately adjacent property owner/primary residence; 2) immediately adjacent property owner of a rental property/primary residence; 3) immediately adjacent owner of a rental property; 4) property owner/primary residence located on the same block as the lot. In the event of multiple applications of the same priority, applications will be selected by a lottery. Satisfactory proof of ownership/residency status is required.
  • To be eligible buyers must be current on all taxes, water/sewer bills, and have no outstanding code violations or unresolved foreclosures
  • All lots are sold “as-is” and all uses must comply with City of Albany rules, regulations, and ordinances. The Land Bank does not make any representations or warranties regarding condition of properties and/or permissible uses.
  • Only select properties are eligible for this promotion. The Land Bank may modify the property list at its sole discretion at any point during the promotion.
  • Eligible lots are available for a purchase of $100 plus significantly reduced closing costs. Buyers are responsible for all associated closing costs which, at a minimum, should be expected to range between $700 and $800 in addition to the property purchase price.
  • Under the terms of sale, buyers will have 30 days to ensure the property meets all City of Albany codes or the Land Bank may reclaim the property.

Frequently Asked Questions

To be eligible buyers must be property owners located on the same block. Preference will be given to applicants in this order: 1) immediately adjacent property owner/primary residence; 2) immediately adjacent property owner of a rental property/primary residence; 3) immediately adjacent owner of a rental property; 4) property owner/primary residence located on the same block as the lot. In the event of multiple applications of the same priority, applications will be selected by a lottery. Satisfactory proof of ownership/residency status is required.

 

When you purchase a tax-foreclosed property through the Albany County Land Bank school and property taxes levied prior to January 1, 2014 are extinguished. Upon acquiring ownership of the property, you will be responsible for all associated property and maintenance costs, including, but not limited to property and school taxes.

In addition to the purchase price of $100 buyers will be responsible for costs associated with purchasing the property (called “closing costs”). In the support of this program the Land Bank has sought to reduce these costs considerably. Buyers should expect to pay, at minimum, fees for deed and document preparation, recording fees and any outstanding property taxes owed (to the extent there are any, the Land Bank will provide more information on these costs). At minimum the cost of purchasing a participating lot is expected to be approximately $700. Some buyers may opt to secure their own attorney, which will result in additional costs.

Applications for the Spend a Little, Get a LOT program will be accepted June 1-June 30th, 2017. If your application is selected you will be notified in early August.

We want to know what you plan on doing with the lot if your application is successful. It’s important that you check all applicable laws, ordinances and regulations prior to applying to purchase a lot to ensure that your intended use is allowable.

Call our office! Our Housing Services Counselor can walk you through the application and answer any application-specific questions you may have by calling (518) 407-0309 ext. 206.

Under the terms and conditions of this program buyers will be required to own the lot for five (5) years. In some cases the Land Bank may require some buyers to merge the tax lot with their existing property.

You are eligible to purchase a lot through the Spend a Little, Get a LOT program if you are a property owner located on the same block as the vacant lot for sale. You must also be current on all property taxes, water and sewer bills, and not have any outstanding code violations.