Policy Example: House Transfers

1 No unit owner shall sell their unit or otherwise transfer ownership without first offering same to the association for purchase at its transfer value, as detailed in the restrictive covenants in each individual deed. (Master Deed)

2 INTERNAL TRANSFERS

1 If anyone moves out of the community and their house becomes available for sale, then that house will be offered first to any member of the community (1/20/96, amended 3/8/98)

2 Individuals who are part of a family unit, and who reside within the community for a minimum of two consecutive years, are considered a member for purposes of internal sales. The primary family unit must have member who currently owns a house. You do not have to give up a house. “Family” is limited to children, parents and domestic partners. The community reserves the right to bring special circumstances to the community when a house is available. The Membership Committee will develop procedures and time line for notification of all concerned parties. (3/8/98)

3 RESALE VALUE

1 The maximum resale value of units (except those designated as “affordable” units) is very close to the appraisal value. (Specific amount determined by individual unit deed)

2 As one way to try and maintain affordability, the maximum resale value of houses that were sold as “affordable” units will be: a)$8,000 less than appraisal for those that were originally priced at $81,000 b)$6,500 less than appraisal for those that were originally priced in the low $70,000’s (10/19/96)

3 Units designated as “affordable” units must first be offered to households who have an income of no greater that 80% of medial gross annual income for the Town of Amherst. (More specifics in individual unit deeds)

4 House sellers will pay any attorney fees for the community as well as their own when they sell a house.
 

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