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The contracts of sale between the RSC and the employees require
the employees to transfer marketable title of the residences
within 1 year to a person designated by the RSC. Generally, the
designated person is the third-party purchaser. If a third party
has not purchased a residence within 1 year, title passes to the
RSC or an affiliate of the RSC.
To facilitate the transfer of title to the third-party
purchaser, the employee signs and delivers a deed in blank to the
RSC when the employee accepts the RSC's offer. The deed in blank
contains a legal description of the property and includes the
relocating employee's signature as grantor and a notary
acknowledgment. Everything else in the deed, including the name
of the grantee, is left blank. Neither the deed nor the contract
of sale with the RSC is recorded. The RSC will not return a deed
to an employee unless told to do so by petitioner. The RSC holds
the unrecorded deed until it finds a third-party purchaser for
the residence. At that time, the name of the third-party
purchaser is entered onto the deed as grantee. The relocating
employee retains legal title to the residence until the sale of
the residence to a third party.
Under the terms of their contracts of sale with the RSC,
relocating employees generally vacate their residences within 60
days of accepting the RSC's offer. Under the Intergroup and
VanRelco contracts of sale, employees who continue to occupy the
residences after 60 days must pay rent. Employees are
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Last modified: May 25, 2011