Home Purchase Clause Samples
Home Purchase. The Company shall purchase a home of Executive's ------------- choosing in the Vail Valley for Executive's use as his personal residence during the Employment Term and extending through but not beyond 90 days thereafter. It shall be a condition of Executive's employment that Executive live in such residence, and that the residence be located at the Company's Vail, Beaver Creek, or Arrowhead resorts for the convenience of the Company. From such residence Executive shall be expected by the Company to observe the operation of the resorts, be on immediate 24-hour call in case of accident or emergency, maintain a Company telephone extension in the residence, as well as entertain customers and others important to the Company. The purchase price for such residence shall not exceed $1.5 million, unless the Company at its sole option chooses to fund a higher purchase price. The Company shall pay for the real estate taxes, property insurance, homeowner's association assessments, and exterior painting as needed, and shall provide that the major operational systems of the residence are functional. Otherwise, Executive shall provide and pay for the maintenance of the residence, including snow removal and landscaping, interior painting as needed, insurance on Executive's possessions, maintenance or replacement (if necessary) of appliances, and other incidental repair. The Company agrees not to require Executive to change his residence during the Employment Term other than in connection with the relocation of Executive's office to another location in Eagle County, Summit County or the Denver metropolitan area. The foregoing shall not preclude Executive, at his sole option, from changing his personal residence to a new home during the Employment Term so long as such new residence meets all of the requirements of this Section and Executive bears all costs or losses resulting from such change, including all brokerage commissions, transfer and stamp taxes, assessments and other charges as well as any sale of the previous home.
Home Purchase. FAMC will reimburse the Employee for normal and customary closing costs of his new residence: (i) in full, as to fixed costs that do not vary with the price of the residence; and (ii) in a percentage equal to the sale price of the Employee’s current residence divided by the purchase price of the Employee’s new residence, as to costs that vary with the price of the new residence. These costs shall include, without limitation, applicable sales taxes, mortgage taxes, document recording fees, engineering inspection, and reasonable attorney’s fees.
Home Purchase. If you want to purchase a home in the new location, your Relocation Counselor will help you with this process. Buying a home is a personal decision and while Copart is not reimbursing any of the costs to purchase a home, we are providing guidance and assistance through Cornerstone. Your Cornerstone Relocation Counselor will first conduct a needs assessment and develop a preference profile including type of housing, commuting requirements, schools, amenities, lifestyle, etc. Once the profile is developed, the Counselor will have a preapproved broker/agent contact you to begin the home search. This representative will accompany you to preview specific homes and assist you in preparing an offer once you have found a home. If your hiring manager or a fellow Copart employee refers you to a real estate agent, DO NOT CONTACT that agent until you speak with your Relocation Counselor. Employee referrals are strongly discouraged because of the potential for a conflict of interest. The agents/brokers recommended by Cornerstone’s Counselors are vetted and evaluated. This means that they are experts in assessing your housing preferences and are professional “Buyer Agents” trained and evaluated on representing your interests, not the interest of the seller who is ultimately paying their commission. This is an important distinction because if they are not a “buyer’s agent”, even if they show you the home, they are still representing the interests of the seller who is paying their commission and not looking out for your best interests. In addition, Cornerstone’s agents are familiar with both the wide range of market areas that a relocating employee will consider, as well as the individual neighborhoods and micro-markets. Their expertise affords them the knowledge to refer you to locations where the availability of housing, price ranges and neighborhood amenities match your preferences. Your Cornerstone Counselor will be in regular contact with you and your agent throughout the home search process to provide assistance and advice in negotiating an offer, obtaining pre-qualification letters from our approved mortgage lenders and helping you and your agent manage the escrow and closing process. If for any reason you are not satisfied with the agent(s) we have recommended, please call your Relocation Counselor and let him/her know. We will quickly remedy the situation and get a replacement agent(s) for you to meet with and evaluate for your home finding needs. Understanding t...