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the employee as seller; (3) an assignment addendum to the
contract of sale with the RSC; (4) a power of attorney; and (5)
an authorization for the RSC to receive funds from trust accounts
on the employee's behalf. After the assignment, the RSC handles
all remaining details of the third-party sale and agrees to take
all actions necessary and appropriate to complete the sale. The
RSC pays seller's closing costs.
If an assigned third-party sale does not close and the RSC's
offer has not expired, the employee may attempt to find another
buyer during the remaining offer period and assign the sale to
the RSC. If the RSC's offer has expired, the employee may accept
the RSC's offer or cancel the contract of sale with the RSC and
return all money received from the RSC. Petitioner is liable to
the RSC for any amount not returned. During the years in issue,
all assigned sales closed as provided in the third-party sales
contracts.
Relocating employees who do not receive offers from third
parties may accept the RSC's offer (regular sale) before it
expires. An employee accepts the RSC's offer by completing a
contract of sale with the RSC as buyer and the employee as
seller, a power of attorney, and an authorization for the RSC to
receive funds from trust accounts on the employee's behalf. In
the contracts of sale, the RSC agrees to purchase and the
employees agree to sell their residences. The employees do not
transfer legal title of the residences to the RSC or petitioner.
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Last modified: May 25, 2011