A relocation addendum is an annex that clarifies the responsibilities of a relocation transaction and includes the buyer's acknowledgment of receipt of the seller's disclosures. This document explains how and when repairs will be made, as well as the buyer's agreement that the property is being sold “as is”, except for agreed repairs. A relocation sale occurs when the owner of the property has been or is being relocated by their company or business. In this case, a relocation company is hired to help the transferred employee move, which could include hiring movers and finding a rental house.
If the employee is a homeowner, the relo company could help sell their old house. When a property is being sold by a relocation company, buyers can usually get a good price and amenities on that sale. The first sign to the buyer that the seller is working with a relocation company will be words like “a relocation annex is required” or “bank annex”, which indicates that the bank is the owner. Negotiation and paperwork can take longer if the relocation company is out of state.
Buyers must have a reliable source of money that they can quickly send to the relocation company. Once the employer buys the home, the relocation company becomes the main party to the sales negotiations. While relocation sales don't necessarily translate into spot sales prices, buyers can trust that the home will be priced right for their market. Relocation properties also tend to be in good condition because most relocation companies recommend necessary repairs or do them themselves.Corporate relocation services often offer employees assistance with relocation, up to the sale of their current residence, as well as the purchase of a new home in their desired location.