Common use of Listing of Property Clause in Contracts

Listing of Property. 52.3.1 If an employee chooses to participate in the Housing Assistance Plan, by accepting the Purchase Guarantee, the employee will immediately list the property for 90 days on MLS (where such service is available) at a price not exceeding 107% of the guaranteed price. 52.3.2 The employee will retain the right to sell to a third party until such time as the property is turned over to Hydro One for resale. 52.3.3 In order to assist the employee to dispose of the property expeditiously and at a fair market value, the employee should notify the Employee Relocation Administrator of all offers to purchase during the listing period. Hydro One may ask the employee to accept an offer which is lower than the Purchase Guarantee, whereupon the employee will be compensated for the difference between Hydro One’s Purchase Guarantee and the amount of the offer. The employee's acceptance of any offer less than Hydro One’s Purchase Guarantee is not mandatory and the employee will retain control of the sale of the residence throughout the listing period. All offers to purchase will be held in confidence by the Employee Relocation Administrator.