Owners and / or tenants of office, retail and industrial property can participate in Homes for Homes in a similar way to owners of residential property, electing to donate 0.1% of sale price at settlement and / or 0.1% of rent on commercial leases.
Below are the participation steps for both Freehold and Leasehold property.
Residential & Commercial Property Freehold Participation:
Step 1: Owner(s) and Homes for Homes enter:
A. Participation Agreement recording participation. This document also assists the owner apply for Green Star Rating Points.
B. Donation Deed for each title, which records:
• Owner’s consent for Homes for Homes to lodge a caveat on title (‘Charge’); and
•Homes for Homes’ agreement to discharge Charge (upon receiving request/notice from current owner).
Step 2: Caveat:
Homes for Homes lodges a caveat for each property title with the Land Titles office.
Step 3: When the participating property is offered for sale, the vendor includes a Homes for Homes Special Condition in the contract of sale which discloses participation to the purchaser. Suggested wording provided by Homes for Homes can be tailored.
At settlement, the vendor donates to Homes for Homes and advises Homes for Homes of the purchaser details. Homes for Homes then issues a donation receipt to the vendor.
Commercial Property Leasehold Participation
Step 1: Owner(s) and Homes for Homes enter a Participation Agreement recording participation. This document also assists the owner to apply for Green Star Rating Points.
Step 2: Owner(s) and tenant include Homes for Homes clause in Lease Agreement outlining participation. Donation timing is flexible and can occur at the start of:
• Each lease term (i.e. initial & each extended term) of 0.1% of rent payable over each term;
• Each year during a lease of 0.1% of rent payable during the relevant year; or
• Another period agreed between the participant and Homes for Homes.
An ongoing solution.