Partnership Agreement Sample Page 7
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10RESALE / OCCUPANCY POLICY
If you fulfill all of the conditions contained in this Agreement and proceed with a home
loan, then your house purchase documents will provide that, if you want to sell the house,
Habitat for Humanity will have the first right to purchase the house at fair market value.
If Habitat for Humanity elects not to exercise this right, you would be free to sell the
house on the open market. You should be aware that all of the mortgages on the home
are typically payable in full in the event you sell the house.
Additionally, the house that you purchase must remain owner occupied for the term of
the mortgage, that is, you must live in the house until the mortgage is paid in full.
If you are not satisfied with the proposed terms of your house purchase documents for any
reason, you may withdraw from the Program at any time prior to loan closing and receive
a full refund of any closing costs payment you have paid, although you will not be
compensated for the value of your “sweat equity” hours, as described under the “Sweat
Equity” section of this Agreement.
(Initial_________)
This Agreement is intended to outline the general requirements of the Program. By
signing this Agreement, you are indicating that you understand the Program, that you are
willing to partner with Habitat for Humanity and that you will complete the requirements
contained in this Agreement. If you are unable to meet these requirements, we will not be
able to continue the Program with you.
By signing this Agreement, Habitat for Humanity is indicating its intent to partner with
you to develop a plan for the construction, sale and finance of a house to be used as your
principal residence, all pursuant to the process and subject to the requirements described
in this Agreement.
Sincerely,
HABITAT FOR HUMANITY OF
____________________
[Name]
[Title]
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