Buying a Homes for Homes Property
The information below will assist you if you have bought or are interested in buying a property that is registered with Homes for Homes. To find out more about:
A property that is registered to Homes for Homes means that the current property owner (vendor) has voluntarily agreed to support Homes for Homes by making a donation equivalent to 0.1% of the property’s sale price at settlement.
This offer to support Homes for Homes is registered on the title of the property via a Homes for Homes ‘permissive’ Caveat (permits transfers, mortgages and other dealings), which should be identified when a ‘title search’ of the property is conducted.
The purchaser is NOT required to make a donation.
Homes for Homes is carefully designed to enable a participating property to be sold, the vendor to donate and for the property to continue to support Homes for Homes. Put simply this is done by the ‘permissive’ Caveat staying on the title of a property each time the property is sold and transferred to a new owner. The property remains registered triggering a donation by the vendor each time the property is sold in the future.
Homes for Homes invites you to agree for the property to continue to support Homes for Homes, meaning you would donate (as the vendor) when you elect to resell the property. If you do not wish for the property to continue to support Homes for Homes, you may withdraw the property (‘Opt-out’) from Homes for Homes once you are the legal owner of the property (you are the registered owner on the title). To find out how click here.
3 simple steps:
If you are buying a property that is supporting Homes for Homes, this should be disclosed in a Special Condition in the Contract of Sale. The vendor is encouraged to follow the below steps to assist in a smooth sale and settlement process: