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City of St. Louis
Purchasing Property: Terminology
SIDE LOTS
A side lot is vacant land up to 25 front feet that is next to an owner-occupied residential building (1-4 family). An individual may only purchase one side lot.
VACANT AND VANDALIZED RESIDENTIAL BUILDINGS
The primary building types in the agency's inventory are one-to-four family flats.
These are usually building shells containing no systems and are in need of total renovation.
They are purchased by individuals and by small investors, who renovate them and live in them, hold them as rental property or offer them for sale.
Buyers must provide income verification, savings and/or expertise to rehab the property.
If the Offeror owns real estate, the condition of those properties is taken into consideration.
The sale price is determined according to our pricing policy.
LARGE BUILDINGS
Large buildings include residential buildings of more than four units as well as commercial, industrial and mixed-use properties.
Buildings are sold to qualified buyers who have an appropriate plan for the property and who demonstrate the income, savings and expertise needed to rehab the property.
If the Offeror owns real estate, the condition of those properties is taken into consideration.
The sale price is determined according to our pricing policy.
KEYS
Prior to making an offer, individuals interested in purchasing an LRA should check out a key from the SLDC Real Estate Department and inspect the interior and exterior of the building.
Keys are available for a $10.00 deposit, which is refundable if the key is returned within 30 days.
RESIDENTIAL VACANT LAND
Any vacant lot less than one acre that does not meet the definition of a side lot is considered residential vacant land.
These lots are sold at values determined under our pricing policy.
Vacant land is sold to offerors whose proposed use is consistent with the area, and who demonstrate sufficient resources and experience to complete the project as planned.
LARGE PARCELS OF VACANT LAND
A large parcel of vacant land consists of one acre or more and is sold at a value determined by our pricing policy.
Vacant land is sold to offerors whose proposed use is consistent with the area, and who demonstrate sufficient resources and experience to complete the project as planned.
ENVIRONMENTAL CONDITIONS
All LRA property is sold "AS IS" with no representations or warranties as to environmental conditions.
Purchasers of property requiring environmental remediation will be expected to submit their clean-up plan to the Missouri Department of Natural Resources' Voluntary Clean-up Program, or the Underground Storage Tank Insurance Program.
RIGHT-OF-REENTRY
All LRA property is sold with a Right of Reentry clause in the deed.
This requires the purchaser to complete their renovation or new construction on the property within 12 to 18 months.
If the property has not been completed as promised within this time frame, LRA may pursue legal action to reclaim the property.
Purchasing Property Home
This Page Last Modified: 11/19/07
