Personal Sale of Residence Sample Clauses

Personal Sale of Residence. An employee wishing to sell his/her house may do so by personally handling the transaction or by utilizing a real estate broker. The reimbursed expenses incurred to sell the property are subject to the following conditions. A. The employee indicates to the AVP-HR his/her intention to sell his/her house independently of the third party relocation service. B. If the employee sells his/her house without the aid of a real estate broker, the employee will receive four percent (4%) of the sale price of the home from the Railroad at the time of closing. To receive the four percent payment when selling the house independently of a broker, the following conditions must be met: 1. The employee must have a contract of sale before the expiration of the employee's third party relocation offer. 2. The employee must pay his/her own selling expenses (e.g., advertising/promoting the house, maintenance costs, etc.). C. When the employee elects to utilize the services of a real estate broker, the employee must consummate the sale and close of his/her property within four (4) months from the effective date of transfer in order to be reimbursed for expenses incurred. D. Reimbursement will be made for reasonable and customary expenses incurred in the marketing and sale of the property. FHA, VA or conventional seller's points are not covered. Representative expenses eligible for reimbursement include: --real estate broker's fee --attorney's fee --title expense or title insurance --transfer taxes --mortgage pre-payment penalties X. Xxxxxxxxxxxxx of the above costs are subject to the submission of a final, legible, executed copy of the closing statement document(s) and other necessary statements or receipts substantiating expenses incurred in the transaction.

Personal Sale of Residence. 1. An employee wishing to sell his or her house may do so by personally handling the transaction or by utilizing a real estate broker. The reimbursed expenses incurred to sell the property are subject to the following conditions. 2. For purposes of what is considered moving expenses or reimbursable loss on the sale of a residence for purposes of Articles 9 and 12 of New York Dock, the Parties agree that reasonable and customary closing costs borne by the seller may be reimbursed to the extent that the employee suffered a loss on the sale of his or her residence. The total amount of such reimbursable expenses is capped at the amount of the difference between the fair value of the home and the amount at which it actually sold below such value. The following are closing costs that are reimbursable: a. Title search b. Title insurance c. Recordation and transfer fees d. Appraisal fees