ࡱ> MOL#` 7bjbj\.\. 4.>D>D8B86J$4Azz"@@@@@@@$Ch~E~@"@%@!!!j8@!@!! =0W@n ЃM;>$@A04A_>EEHW@EW@@!@@j4A$  Sample  [ADMINISTRATIVE AGENT Letterhead] [DATE] [Owner Name Owner Address] Dear [Owner Name]: You requested information regarding the resale process for your Affordable Housing Unit. To begin the resale process you must first gather the information outlined on the enclosed sellers checklist. Once all this information is obtained, please call us at [phone number] to schedule an appointment to come into our office, [Administrative Agent]. 1. At the appointment you will be required to provide us with the required information and sign an intent to sell document. We will provide you with the maximum resale price on your unit and other pertinent documentation that needs to be completed in regards to the sale of your unit. 2. Our office maintains a list of applicants that are qualified to purchase an affordable unit and those prospective buyers will all be notified that your unit is for sale. These buyers will be provided with information regarding your unit and your telephone number to call, schedule a time to view the unit and make an offer if interested. 3. All prospective buyers must be qualified and certified through our office. Applicants are qualified based on income and household size as determined by the income guidelines set by the NJ Council on Affordable Housing (COAH) and must be able to obtain a pre-approval from a lending institution. 4. Many times there are more qualified prospective buyers waiting to purchase a unit than there are units available. If this is the case, a random selection lottery may be required. If a lottery is held buyers are notified of the for-sale unit and provided a number of days to view the unit and make an offer, if interested, in the order they are selected in the lottery drawing. 5. When you have found an interested buyer who has been certified by this office you and the purchaser will sign a purchase agreement provided to you at the time you put your unit up for sale. The purchase agreement will contain the sales price of the unit and all items included in the sale. The buyer also will give you a good faith deposit check, usually for $[amount], made payable to your attorney. Within 3 days of placing your unit on the market you must provide our office with your attorneys name, address, phone and fax information. You should notify your attorney that you are selling your affordable housing unit. 6. After you sign the purchase agreement, you will need to send one copy to our office along with the attorney information form. Then you bring one copy and the good faith deposit check to the attorney. Shortly thereafter a contract of sale will be drawn up, signed by both the seller and the buyer and a tentative closing date will be scheduled. The contract will then go into attorney review for 3 to 5 days. Once the contract becomes finalized you need to send [Administrative Agent] a copy of the signed contract. 7. At the closing you will be charged a fee of $[amount]. This fee covers the costs associated with the resale of your unit and is made payable to [Administrative Agent]. 8. In the event that your unit is not sold in a timely manner and all possibilities have been exhausted, including reducing the price, you may wish to place an advertisement in the newspaper. However, please remember that all prospective buyers must apply and be qualified through our office. Please keep in touch with our representative throughout the entire sale process. Sincerely, [Administrative Agent Representative] SELLERS CHECKLIST The following is a checklist of information that must be provided to our office at the time you schedule an appointment to place your unit on the market. Please bring copies of all documents, no originals. Copy of your deed. Copy of the HUD-1 Settlement Statement (also known as RESPA) the document which indicates the sales price and an itemized list of the expenses associated with the closing when you purchased the affordable unit. Copy of the payment coupon or proof of what you pay for maintenance fees. Copy of your most current tax assessment statement received from the municipality. Copy of a current tax bill if you pay your own taxes and it is not included in the mortgage payment (quarterly or annually). Copy of your most recent mortgage statement indicating the amount you presently pay in taxes, if your taxes are included in the mortgage payment. Name, address, telephone number and fax number of your attorney if you have retained one already. You must retain an attorney within 3 business days of placing your unit on the market with our office. Your attorney must also tell you how the potential purchaser of your unit will need to make their good faith deposit check. A list of items included with the sale of the unit (e.g. washer, dryer, etc.) and a list of upgrades and features of your unit that you would wish to inform prospective buyers about. This information will be placed on a flyer and provided to prospective buyers. IF YOU PUT IN AN A/C UNIT (when one did not previously exist) and YOU HAVE PROOF (receipts), then you should bring this with you. We will explain the rule on air conditioning with you at the time you provide receipts. If you have any questions or require additional information please contact us at [phone number].     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