Sale of old UU Property


We have had a verbal offer by a qualified buyer;
The offer is:
Sales Price $ 65,000
Down Payment $ 8,000
Balance $ 57,000 @ 4.5% for 149 months ( payoff date: 2028)
Monthly Payment $ 500
The sale is conditional upon the well and septic system being approved by the County
The well & septic inspection cost is approx. $ 1,000, to be paid by buyer).
Chuck discussed the offer with the Board, Phil Studenberg and several others in the program planning area to gauge their approval. All agreed to proceed. An email was sent to all announcing the decision. The Board approved a minute authorizing Phil and Chuck to complete the Agreement and to sign the documents necessary to completing the transaction.
Chuck met earlier this week with the Attorney to finalize the draft SALE AGREEMENT AND EARNEST MONEY RECEIPT, and gave our client a copy. She is holding it until she completes the inspection of the well and septic system. We then will open a title insurance account with Amerititle. We will sign the Agreement, she will deposit her earnest money of $1,000, and the process will continue, to hopefully close by mid-June.
Upon closing, Amerititle will have an escrow account set up to collect the monthly payment of $500 and deposit it to the UU account; this will be done upon legal advice, to ensure that there is a third party accounting of payments in accord with the Sale Agreement. It also makes the accounting easier, and more reliable, for our Treasurer.
Whether the sale is completed before our Fellowship’s planned gathering at the property, our client welcomes us to gather for the ceremony.
Submitted by Chuck Wells, Board Chair