RESALE & LEASE PROCEDURES

Transcription

1 RESALE & LEASE PROCEDURES According to Article XI, Section 11.01, a unit owner who wishes to sell or lease his unit ownership shall give the board not less than 30 days written notice of the terms of any contemplated sale, assignment or lease, including a copy of the proposed sale, assignment or lease agreement, and the name, address and financial and character references of the proposed purchaser, assignee, lessee or sub lessee and such other information concerning the proposed purchaser, assignee, lessee or sub lessee, as the board may reasonably require. If the unit owner sells of leases his unit within the first year after such unit owner purchases the unit from the declarant, under the terms of the purchase contract for such unit, the declarant shall have the right to repurchase the unit at the repurchase price. Reference Section (B) for Repurchase Price Definition. The members of the board, acting on behalf of the other unit owners shall at all times have the first right of and option to repurchase or lease such unit ownership or beneficial interest upon the same terms which option shall be exercisable for a period of 30 days following the date of receipt of such notice. In order to expedite the sale of a unit, it is necessary for the unit owner(s) to comply with the following: 1. The prospective purchaser should complete the admissions packet. As the seller, you will need to sign the document where ownership is indicated. 2. The final month s assessment payment must be paid by cashier s check or money order to the management office. Do not mail it to the Lockbox. 3. Your attorney will need to send or fax ( ) a letter to The Residences at 900 Management Office requesting: Assessment Paid to Letter. Waiver of First Right of Refusal Letter. 4. Please contact D&K Agency to request a Certificate of Insurance at (312) for closing. 1

2 Dear Unit Owner: Enclosed is the admissions packet you requested. Please provide the Board of Directors with the following: Completed admissions packet, as provided by the Association Management. Copy of sales contract, if a sale, or condominium unit apartment application and lease, if rental. Leases must be for one year. Copy of closing statement, if a sale. The new owner will not be permitted to move in or begin construction on the unit until the closing statement is received at the management office. The buyer must be advised of The Residences at 900 Admissions policies. FOR ALL SALES: In order to expedite your closing transaction, as indicated above, your attorney must submit a letter to The Residences at 900 Management Office requesting: (a) Paid to Assessment Letter and (b) Waiver of Right of First Refusal Letter. If you have chosen to handle the transaction directly, the request must be made in the same manner. This will not be issued until the account is paid in full and all required paperwork is received by the management office. A change of ownership cannot be made on the Association s records until an Ownership Change Confirmation is received by The Residences at 900 Management Office. The appropriate form is attached for your convenience. Transfer Fee: A non-refundable fee of $ to be paid to the Management Office before a paid assessment letter is issued. For rentals, this fee will be required one week before move-in. Checks are to be made payable to The Residences at 900 Condominium Association. No cash, please. Sales and Leasing Rules: Violations of any of the rules regarding the sale or lease of the unit shall result in a fine of $ per occurrence. Please Note that move-in and move-outs are to be coordinated through the Management Office Management must be made aware of your moving plans at least three (3) weeks in advance. All moves require a damage deposit in the amount of $ Personal checks only, please. The deposit must be paid in the Management Office one week in advance, between the hours of 9:00 a.m. to 5:00 p.m. Monday through Friday. All paperwork must be turned in to the management office at least three (3) weeks before a new resident may be permitted to move in to The Residences at

3 NOTICE OF INTENT TO SELL OR LEASE UNIT Parts I and II of this Notice are to be completed and submitted to the Board of Directors in care of The Residences at 900 Management Office. PART I TO: Board of Directors : C/o The Residences at 900 Condominium Association Management Office Unit: 77 E. Walton Street, 8 th Floor Chicago, IL FROM: Unit Owner(s) (Please Print) Phone 1. NOTICE OF INTENT TO SELL OR LEASE UNIT In accordance with the regulations established by the Board of Directors, I (we) hereby submit to the Board of Directors, this Notice of Intention to sell or lease the abovedescribed unit to the party or parties (and only those parties) named in Section 2 below, and upon the terms specified in the Section. The receipt by the Board of Parts I and II of this Notice shall constitute valid notice of my (our) intention to sell or lease the above Unit. I (we) further understand that if the sale or lease transaction described herein, is not closed within ninety (90) days, the sale or lease of this Unit, shall again become subject to the Board s Right of First Refusal. 2. SUMMARY OF TERMS OF SALE OR LEASE Name of Purchaser(s) or Lessee(s) Address Sale Price or Monthly Rental Projected of Possession If this is a Sale, will Purchaser occupy the Unit? Yes No Registration Number(s) of key(s) in the possession of the present Unit Owner(s)/Lessee(s): # #, #. Card Numbers: # # 3

4 PART II Personal information and references to be supplied by the intended Purchaser or Lessee of Unit At The Residences at 900 Condominium Association, Chicago, Illinois. Name of Purchaser or Lessee Additional Occupants Present Address of Purchaser(s)/Lessee(s) Number and Street City, State, and Zip code Telephone: From at above address. Owned Cell# If rented, give Landlord s Name and Address: 1. Previous Address of Purchaser(s)/Lessee(s) if less than 5 years at Current Address Number and Street City, State and Zip code From at above address. Owned If rented, give Landlord s Name and Address: 2. Occupation Present Employer Address and Phone Job Title 4

5 How long with above Company? 3. Previous Occupation of Purchaser(s)/Lessee(s) if less than 5 years at Current Position Employer Address and Phone Reference Name Title 4. Bank Financing this Purchase 5. Bank References 6. Personal References (Not employer or Relatives) 7. Have you ever been convicted of a felony? 8. The Board does not require, but will welcome information regarding schools attended, degrees held, membership in professional and service organizations, honors, etc. the best of our knowledge (we), the current unit owner(s) of Unit, affirm our understanding of and agreement with the provisions set forth in Section 1, above, and certify the correctness of the information supplied in Section 2, above. 5

6 MEMORANDUM OF UNDERSTANDING (TO BE SIGNED BY PURCHASER(S) OR LESSEE(S)) I (we), the intended Purchaser(s) or Lessee(s) of the Condominium Unit described above, declare that we have read the Declaration of Condominium Ownership and of Easements, Restrictions and Covenants of The Residences at 900 Condominium Association, and any amendment or amendments thereto, and understand that we shall, at all times hold our interests in the Condominium subject to the rights, easements, privileges and restrictions, therein set forth or hereafter established by the Owners or Directors of The Residences at 900 Condominium Association as duly provided for in the aforesaid Declaration of Condominium Ownership, and all regulations and rules promulgated by said Association. In addition, I (we), hereby certify that this is promulgated by said Association. In addition, I (we) hereby certify that this is an arms-length transaction, and further that there has been no latent understanding regarding the sale price, rebates or any similar arrangements which would be implication to nullify this as a truly bona fide sale. SELLER(S) OR LESSOR(S) I (we) also certify as to the above. THIS IS TO CERTIFY THAT Name of Unit Owner has, on the date of, deposited with the undersigned representative of The Residences at 900 Condominium Association, Parts I and II of the Notice or Intention to sell or lease Condominium Unit, and, in doing so, has given valid notice to the Board of Directors of his/her intention to sell or lease his/her unit to the Purchaser(s) or Lessee(s) named in this contract. FOR THE BOARD OF DIRECTORS: 6

7 OWNERSHIP CHANGE CONFIRMATION This form will be accepted as verification that the closing has been completed. s are required for Purchaser and Seller. Unit Number Purchaser Seller Closing If Purchaser will not be residing in the Unit, print mailing address below for assessment billing, correspondence, etc: THE PURCHASER IS RESPONSIBLE FOR COMPLETING AND RETURNING THIS FORM TO THE MANAGEMENT OFFICE. THE ASSOCIATION S RECORDS WILL NOT BE CHANGED TO REFLECT THE CHANGE IN OWNERSHIP UNTIL THIS FORM HAS BEEN RECEIVED. Thank you. The Residences at 900 Condominium Association Management Office 7