Section 5. Requirements for purchaser of abandoned properties.
In addition to any other requirements of the act of May 16,
1923 (P.L.207, No.153), referred to as the Municipal Claim and
Tax Lien Law, the act of July 7, 1947 (P.L.1368, No.542), known
as the Real Estate Tax Sale Law, or the act of October 11, 1984
(P.L.876, No.171), known as the Second Class City Treasurer's
Sale and Collection Act, the purchaser of an abandoned property
shall do all of the following:
(1) Within 30 days of the sale and prior to the transfer
of title, enter into a redevelopment agreement with the
municipality where the property is located or, at the option
of the municipality, with the redevelopment authority
obligating the purchaser to redevelop the property in
accordance with all municipal codes and officially adopted
plans for the geographic area in which the property is
located. If the municipality or the redevelopment authority
determines that demolition of the building is appropriate,
the purchaser may demolish instead of redeveloping the
property. The redevelopment plan shall include all of the
following at a minimum:
(i) A specified time that the redevelopment or
demolition must be completed.
(ii) A description of the redevelopment work or
demolition to be completed.
(iii) Remedies for noncompliance, including the
right of the municipality or redevelopment authority to
acquire title to the property if the redevelopment or
demolition is not completed by the agreed-upon date.
(2) Within 30 days of the sale and prior to the transfer
of title, post a bond to ensure compliance with the
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