What if the homeowner chooses Option 1, has gone to closing and received their funds and now wants to sell their home?
After funds have been disbursed to a homeowner who selected Option 1, a homeowner can choose to sell their home during the term of the covenant to a buyer who is willing to assume the covenant requirements. The new homeowner is subject to all the covenant obligations which run with the land, BUT the 3 year owner occupancy requirement of the covenant does not start over when title is transferred. The new homeowner is responsible for fulfilling the remaining covenant obligation.
Related Questions
- A homeowner who received AHC funds wants to sell his home, but has not lived in the home for the full regulatory period. What are his options?
- What if the homeowner chooses Option 1, has gone to closing and received their funds and now wants to sell their home?
- What happens when a homeowner wants to sell their deed restricted home?
