The Relocation Group :: Home Sale Program

PROPERTY ELIGIBILITY FOR THE HOMESALE PROGRAM

Through The Relocation Group, the Company offers a comprehensive homesale program to employees who own and occupy a home as their principal place of residence at the time of relocation. As required by the Company’s agreement with The Relocation Group / American Escrow Closing Company (AECC), your home must be a single-family dwelling and must be owned by you or your spouse. This includes condominiums, but excludes the following:

● Cooperative apartments
● Summer homes
● Duplexes
● Mobile homes
● Income-type property (including duplexes, townhouses, and other multiple dwellings)
● A residence, a part of which is designed or used for nonresidential purposes
● A Leasehold ownership residence
● Extra Lots
***Properties in excess of five acres will need approval from the Company

If an employee is transferred within a metropolitan area, the Company may pay reasonable relocation expenses (specified in the topics that follow), except temporary living, storage and travel. To qualify: (1) the employee must be transferred at Company direction to an assignment for an indefinite period to another location within the same metropolitan area, and (2) the new work location must be more than fifty (50) miles from at least one of (a) the employee’s home or (b) the last work place, and (3) the one-way travel time between the employee’s residence and the new work location is increased by thirty (30) minutes or more, and the total one-way travel time is in excess of one (1) hour and (4) the employees new residence must be at least twenty-five (25) miles closer to the new work location or the travel time is decreased by thirty (30) minutes.

When you accept your transfer, your authorized Relocation Coordinator from The Relocation Group will initiate homesale services.

OPTIONS

You have three options under which to sell your present home.

● Guaranteed Offer from The Relocation Group / American Escrow Closing Company (AECC)
● Amended Value Offer from The Relocation Group / American Escrow Closing Company (AECC)
● Direst Reimbursement Option

Mobile Homes and Co-Ops

If your primary residence is a mobile home or a cooperative apartment, the Company will reimburse necessary sale and transfer fees up to 10 percent of the sale price.

An employee wishing to move a mobile home to the new location as a principal residence will be reimbursed for reasonable moving expenses not to exceed 10 percent of the home’s market value. Tires ruined in transit are not included as a reimbursable expense.

CHOOSING A BROKER

Selecting the right broker to list your home is a very important factor. Before selecting a real estate agent to list your home, you should contact The Relocation Group at (800)233-1372. The Relocation Group will provide the names and contact numbers of qualified real estate companies for you to choose to assist you in listing your home. If you prefer to list with an agent that was not provided by The Relocation Group, you should discuss this with your Relocation Coordinator before you list your property.

LISTING YOUR HOME

When you list your home with a broker, it is very important that the following clause be inserted in the Listing Agreement:

The Seller(s) hereby reserve(s) the right

1) to sell the property to American Escrow Closing Company (AECC) at any time, and in such event, to cancel this listing agreement with no obligation for commission or continuation of listing hereafter: and

2) to turn over an acceptable written offer hereunder to The Relocation Group / American Escrow Closing Company for closing and payment of commission which shall be deemed earned and payable only upon
closing of sale, in accordance with the terms thereof.

This clause is very important. Should the broker indicate any objections, your Relocation Coordinator should be notified immediately.

MARKETING ASSISTANCE

An integral part of the Company’s relocation program is marketing Assistance. The goal is to find a buyer for your home who is willing to pay more than the Guaranteed Offer Price. To gain maximum exposure on the real estate market, you are encouraged to begin marketing efforts as soon as the transfer is accepted. Once the Guaranteed Offer has been made, you will have sixty (60) days in which to market the home and select one of the three options:

1. Accept the Guaranteed Offer at any time during the sixty (60) day marketing period.

2. Accept an Amended Value Offer that is extended when you find a potential buyer who is willing to pay a price equal to or higher than the Guaranteed Offer. The potential buyer’s offer is submitted to The Relocation Group for completion. If the buyer’s offer is higher than 6 percent of the Guaranteed Offer price, The Relocation Group may recommend that you consider the Direct Reimbursement Option.

3. Sell your home on your own (Direct Reimbursement Option) and be reimbursed for certain costs with you taking on an additional tax burden.

To help you sell your home, your Relocation Coordinator will:

● Recommend qualified real estate firms
● Suggest repairs, remodeling or redecorating to help your home show its best
● Evaluate and assist in the negotiation of resale offers
● Provide additional counseling until the sale closes

In addition, acting as a team, tour Relocation Coordinator and your selected broker will:

● Design a marketing strategy that considers the factors that have influenced the pricing and selling of comparable homes in the area
● Assess financing options
● Determine how to give the home maximum exposure in the marketplace

INSPECTIONS AND REPAIRS

It is customary in the purchase of real estate to have inspections ordered on a property as a condition to the offer of purchase.

Listed below are the types of inspections typically ordered when purchasing a new home.

TERMITE /PEST INSPECTION - ordered on every home.

GENERAL HOME INSPECTION - ordered on every home.

STRUCTURAL/ROOF*/COMPONENTS (Heat and Air) INSPECTIONS - ordered if recommended by appraisers, brokers, or other inspectors.

WELL AND SEPTIC SYSTEM INSPECTION** - ordered when applicable.

CERTIFICATE OF OCCUPANCY (C of O) - ordered as required by municipalities. Local real estate professional will advise if required.

OTHER: ASBESTOS, LEAD PAINT, ELECTRICAL & PLUMBING INSPECTIONS - ordered if recommended by appraiser, brokers, or other inspectors.

* Roof inspections are ordered where visible damage is apparent or if the effective age of the roof is questionable.

** When purchasing a home with septic system, please ask the seller for information about the system.

THE GUARANTEED OFFER

The Guaranteed Offer Price is determined by averaging the two appraisals made on your home. If the appraisals vary more than 5 percent, The Relocation Group may order a third appraisal to be performed. The Guaranteed Offer price is then based on the average of the two appraisals within a 5 percent variance. If all three appraisals vary by more than 5 percent all three are averaged to arrive at the Guaranteed Offer price. You will receive copies of all appraisals and any inspections which were performed on your property.

When the Guaranteed Offer Price is determined, a Contract of Sale containing the details of the Guaranteed Offer will be mailed to you. This offer will be in effect for sixty (60) days from the date of the Company Offer letter. If you do not return the signed contract within this period, the offer expires.

You may accept The Relocation Group’s offer at any time during the period by signing (with your spouse, if appropriate)