RESALE OF PROPERTY. The Resale Option is used when only development subsidies such as site acquisition, rehabilitation, or construction financing are provided to the developer and no direct subsidy is provided to the homebuyer and the unit is sold at the fair market value. The Resale Option ensures that the home remains affordable over the entire period of affordability, even in the event of subsequent sales. Under this option the minimum period of affordability is based on the entire amount of HOME funds invested in the property and the affordability is secured with a recorded covenant or deed restriction. The developer (or City, if lien holder) may use purchase options, rights of first refusal or other preemptive rights to purchase the property before foreclosure to preserve affordability. Unless the Consortium has established a presumption of affordability for the property’s neighborhood in accordance with the specialized procedures per the HOME Final Rule at 24 CFR 92.254(a)(5)(i)(B), the homeowner is required to sell the property to an eligible low-income buyer at an affordable price. The sale must meet three criteria:
RESALE OF PROPERTY. 17.1 The Purchaser shall not be entitled to sell or otherwise alienate the property to a third party within a period of 3 (three) years from the date of transfer, unless with the prior written approval of the Seller, which approval the Seller will not unreasonably withhold or delayed.
RESALE OF PROPERTY. 18.1 The Purchaser acknowledges that in order to ensure that his successors-in- title are made fully aware of the above onerous conditions, the rules provide that any prospective purchaser must be provided with a copy of the Home Owners' Association Rules.
18.2 The Purchaser shall not be entitled to sell or market the property, erect 'for sale' boards or otherwise dispose of the property prior to registration of transfer without the Seller's prior written consent being obtained.
RESALE OF PROPERTY. 16.1 Unless the Seller consents thereto in writing the Purchaser shall not advertise for sale or enter into an Agreement of Alienation in respect of the Property prior to the date on which the Property is transferred to the Purchaser.
16.2 The Purchaser acknowledges that any agreement of Alienation entered into by the Purchaser in respect of the Property shall be in terms of an agreement prepared by the Seller, its nominees or assigns.
RESALE OF PROPERTY. 22.1. The Purchaser may not sell the Property within the prior to the end of the Restriction Period without the written consent of the Seller. This condition will not apply to the sale of the Property by any holder of a mortgage bond by means of a private sale or by means of a sale in execution. The Seller may charge a fee in respect of any such consent granted.
22.2. The Developer will only grant its consent referred to in Clause 22.1 upon the following terms and conditions:
22.2.1. The selling price of the Property must be agreed upon by the Estate Agent and the Purchaser, in writing, before commencement of marketing, and must be approved by the Seller, which approval will not be unreasonably withheld, and
22.2.2. The Purchaser must use the Prescribed AOS and appoint the Transferring Attorneys to attend to all transfers in favour of any purchaser, and
22.2.3. The Purchaser must utilize the services of the Estate Agent for the purpose of marketing and selling any of the Property, and
22.2.4. Any other conditions that the Seller may impose in its sole and absolute discretion.
22.3. In the instance of the Purchaser using the Property as his Primary Residence, no fee will be charged by the Seller and the Seller may not withhold its consent provided that the Purchaser has complied with all the terms and conditions of the Constitution and provides an affidavit to the effect that the Property was used as its Primary Residence.
22.4. During the Development Period, the Purchaser shall not be entitled to display any "For Sale" and/or "To Let" signs on the Property or outside the Property without the prior written consent of the Seller having been obtained.
22.5. This condition will be registered by the Seller against the Title Deed of the Property on the Transfer Date.
RESALE OF PROPERTY. 17.1. The Purchaser may not sell the Property within the Restriction Period without the written consent of the Seller, which consent will not be unreasonable withheld.
17.2. The Seller will grant the consent as referred to in Clause 17.1 above, subject to the following conditions:
17.2.1 The Seller will be entitled to a consent fee to 1% (One percent) of the Net Profit, if the Property is sold by the Purchaser within the Restriction Period, and
17.2.2 The Seller will also be entitled to an administration fee of R1 500.00 (One Thousand Five Hundred Rand); and
21.2.1 The Purchase Price in respect of the re-sale of the Property must be determined by the Seller; and
17.2.3 The transfer of the Property must be registered by the Transferring Attorneys; and
17.2.4 The Purchaser will be entitled to appoint any Estate Agent to act on its behalf.
17.3. The condition in Clause 17.1 above will be registered by the Seller against the Title Deed of the Property on the Transfer Date.
17.4. During the Development Period, as defined in the Constitution of the HOA, the Purchaser shall not be entitled to display any "For Sale" and/or "To Let" signs on the Building or on the Property or outside the Property without the prior written consent of the HOA & KFMPOA having been obtained.
17.5. The provisions of this Clause 17 are not applicable in the instance of distressed sales and/or sales in execution where a mortgage bond holder legally attached and sold the Property due to the failure of the Purchaser to fulfil its obligations towards the relevant mortgage bond holder.
RESALE OF PROPERTY. 18.1. The Purchaser may not sell the Property within the Restriction Period without the written consent of the Developer.
18.2. The Developer may charge a fee in respect of any such consent granted.
18.3. The Developer will only grant its consent referred to in Clause 18.1 upon the following terms and conditions:
18.3.1. The selling price of the Property must be agreed upon by the Estate Agent and the Purchaser, in writing, before commencement of marketing, and must be approved by the Developer, which approval will not be unreasonable withheld, and
18.3.2. The Purchaser must use the Prescribed AOS and appoint the Developer’s Attorneys to attend to all transfers in favour of any purchaser, and
18.3.3. The Purchaser must utilize the services of the Estate Agent for the purpose of marketing and selling of the Property, and
18.3.4. Any other conditions that the Developer may impose in its sole and absolute discretion.
18.4. In the instance of the Purchaser using the Property as his Primary Residence, no fee will be charged by the Developer and the Developer may not withhold its consent provided that the Purchaser has complied with all the terms and conditions of the Constitution and provides an affidavit to the effect that the Property was used as its Primary Residence.
18.5. During the Development Period, the Purchaser shall not be entitled to display any "For Sale" and/or "To Let" signs on the Property or outside the Property without the prior written consent of the Developer having been obtained.
18.6. This condition will be registered by the Developer against the Title Deed of the Property on the Transfer Date.
18.7. The Purchaser may, during the Development Period, only utilize the services of Uvest Letting for the purpose of letting the Property, as more fully provided for in the Constitution.
RESALE OF PROPERTY. The Purchaser is not entitled to sell, cede or make over any rights and/or obligations in respect of this agreement prior to registration of transfer without the written consent of the Seller, and is likewise not entitled to sell, cede or make over the Property or the right to take transfer thereof.
RESALE OF PROPERTY. 20.1 The Purchaser shall not be entitled to resell or in any other way alienate the Property until such time as the Property has been transferred into the name of the Purchaser.
20.2 Should the Purchaser, before the date of transfer of the Property in its name, resell or in any other way alienate the Property, the Seller shall be entitled but not obliged to unilaterally cancel this agreement in which event the parties will be reinstated in the status quo ante the entering into of this agreement.
RESALE OF PROPERTY. 22.1. The Purchaser may not sell the Property prior to the end of the Development Period, without the written consent of the Seller having been obtained.
22.2. The Seller will only grant its consent referred to in Clause 22.1 upon the following terms and conditions:
22.2.1. The selling price of the Property must be agreed upon by the Estate Agent and the Purchaser, in writing, before commencement of marketing, and must be approved by the Seller, which approval will not be unreasonably withheld, and
22.2.2. The Purchaser must use the Prescribed AOS and appoint the Transferring Attorneys to attend to all transfers in favour of any purchaser, and
22.2.3. The Purchaser must utilize the services of the Estate Agent for the purpose of marketing and selling any of the Property, and
22.2.4. Any other conditions that the Seller may impose in its sole and absolute discretion.
22.3. During the Development Period, the Purchaser shall not be entitled to display any "For Sale" and/or "To Let" signs on the Property or outside the Property without the prior written consent of the Seller having been obtained.
