TITLE
title
AGREEMENT FOR THE PURCHASE AND SALE OF REAL PROPERTY LOCATED AT 307 NORTH EDGEWORTH STREET IN GREENSBORO BETWEEN TELKO, LLC AND GUILFORD COUNTY
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SPONSOR
sponsor
Marty K. Lawing
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BACKGROUND
background
Guilford County has negotiated the sale of approximately 5,313 square feet of property located at 307 North Edgeworth Street to Telko, LLC to accommodate a development project. Telko, LLC has proposed to resurface and restripe the remaining county owned property that is currently used as a parking lot. The estimated value of the resurfacing and restriping work is approximately $128,000. The work would be completed within 180 days after the closing. This offer was advertised for upset bid for the statutorily required 10 days. No upset bids were received.
The primary terms of the proposed purchase contract are as follows:
- The property to be sold includes 5,313 square feet +/-
- The purchase price or value of the transaction is approximately $128,000 and shall be in the form of resurfacing and restriping of the county parking lot
- The earnest money shall be $500.00
- The closing shall occur on or before June 30, 2019
- Property taxes shall be prorated based on a calendar year basis
- The County shall pay for the preparation of the deed and excise tax
- The Buyer shall pay recording costs, costs of any title search, title insurance, survey and the cost of any inspections and investigations undertaken
- Each party shall pay its own attorney’s fees
- If Buyer chooses not to purchase the property, for any reason or no reason, and provides written notice to seller thereof prior to the expiration of the examination period, then the agreement shall terminate and Buyer shall receive a return of one-half of the earnest money. If the Buyer breaches this agreement, the earnest money shall be forfeited. In the event of a breach by the Seller, the earnest money shall be returned to the Buyer.
- At or before the closing, the County shall deliver a general warranty deed
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BUDGET IMPACT
budget impact
The County will incur limited attorney fees and payment of excise tax.
NO ADDITIONAL COUNTY FUNDS REQUIRED
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REQUESTED ACTION
requested action
Approve the Purchase and Sale Agreement, in substantial form, between Telko, LLC and Guilford County for approximately 5,313 square feet of property located at 307 North Edgeworth Street in Greensboro, North Carolina.
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