VOLUNTARY PROPERTY
PURCHASE PROGRAM

Property Owners - steps for participating in the Program

Participation in the Program is entirely voluntary. The Program for Property Owners is explained in the five steps described in figure 1 below. If you have any questions regarding these steps or what is required from you to participate in the Program, please contact a CIC representative at the Information Center and/or refer to the Clarification Questions and Answers (Q&A) in the Handbook on pages 21 to 26.

step 1: Determining if you are eligible

First, you need to determine whether you are eligible to participate in the Program. You are eligible to participate in the Program if you, as of July 12, 2013, owned and had title to either an Improved Property or an Unimproved Property in the Program Area, and you continue to own and hold good title to such Property. You must sell all of your Property in the Program Area to Sasol and relocate to a new property outside the Program Area in order to receive Program Benefits.

There are three (3) types of Property Owners, namely:

  • Owner Occupant, if you own, hold good title to and occupy an Improved Property;
  • Rental Property Owner, if you own, hold good title to and lease an Improved Property to a third party or if such Improved Property is vacant; or
  • Unimproved Property Owner if you own and hold good title to an Unimproved Property. The Program Benefits that are applicable to you are described on pages 16 to 20 of this Handbook.

step 2: Registering your interest in the Program

The second step to participating in the Program is to contact a CIC representative at the Information Center and register your interest in participating in the Program by completing and submitting the Appraisal Request and Authorization Form on page 32 of the Handbook before December 4, 2013. Only one of the Property Owners for a Property has to sign the Appraisal Request and Authorization Form, but all Property Owners must sign the deed that transfers the Property to Sasol.

Signing an Appraisal Request and Authorization Form does not commit you to sell your Property in the Program Area to Sasol. It simply authorizes CIC to arrange to have all of your Property located in the Program Area appraised, surveyed, and to obtain a preliminary title search from a local law firm.

If you register your interest in participating in the Program and complete and submit an Appraisal Request and Authorization Form before October 4, 2013 you will qualify for an Early Sign-Up Bonus of $1,000 that is payable to you upon Closing.

You will be required to provide the following documentation as part of your Appraisal Request:

  • some form of government issued picture identification such as a current driver’s license, passport, or Louisiana State Identification Card; and
  • deed and/or an abstract for the Property verifying ownership and residency as of July 12, 2013 or other documentation verifying ownership and residency such as a last will and testament or tax statement; and/ or
  • information on any Tenants residing in, or on your Improved Properties, including a lease agreement or similar documentation to verify that such Tenants were Tenants on July 12, 2013.

In completing the Appraisal Request and Authorization Form you will be required to choose three (3) appraisers from a list of approved local, actively practicing appraisers that are licensed by the State of Louisiana. The three (3) appraisers will consist of two (2) primary appraisers and one (1) reserve appraiser. The reserve appraiser will be used only if the difference between the appraised prices from the two (2) primary appraisers is not equal to, or less than 10% of the higher appraisal.

You do not have to choose an appraiser from the list of approved local appraisers.You may nominate an appraiser that is not on the list, and the nominated appraiser will be accepted by Sasol so long as the nominated appraiser meets all of the following requirements:

  • full-time real estate appraiser that is licensed by the State of Louisiana; and
  • holding either a Certified General Appraiser License or a Certified Residential Appraiser License; and
  • member of the local Multiple Listing Service and has additional access to recent comparable sales; and
  • willing to prepare the appraisal of your residential Property in accordance with the appraiser instructions, as described in this Handbook.

step 3: Determining the Average Appraised Price

The third step of the Program for Property Owners comprises the determination of the Average Appraised Price for your Property and any improvements on it as of July 12, 2013. A CIC representative will order appraisals of your Property using the two (2) primary appraisers you selected at no cost to you. Each appraiser will independently develop an appraised price for your Property using a standard format (Appraisal Institute form AI.100). Only appraisals ordered by CIC will be paid for by Sasol and used in determining the Average Appraised Price.

Improvements to the Property made after July 12, 2013 will not be considered in the appraisal of the Property.

Where a Property Owner owns two (2) Properties that are contiguous of which one (1) is defined as an Unimproved Property, such Unimproved Property will be included in the appraisal of the Improved Property.

You are encouraged to provide the appraiser with all information that you believe is relevant to determine the appraised price of your Property.

If the difference between the two appraisals requested by CIC is:

  • equal to, or less than 10% of the higher appraisal, then the average of the two appraisals will be equal to the Average Appraised Price for purposes of determining the Offer for the Property; or
  • greater than 10% of the higher appraisal, the CIC representative will arrange for an appraisal by the third (reserve) appraiser of your choice. The two highest appraised prices will then be averaged to establish the Average Appraised Price for purposes of determining the Offer for the Property.

Copies of the appraisals will be made available to you and Sasol at the end of the appraisal process. Appraisers must follow the Uniform Standards of Professional Appraisal Practice (USPAP). Under USPAP’s Confidentiality Clause of the Ethics Rule, the appraiser may not disclose (1) confidential information; or (2) assignment results to anyone other than the client (which in this case is CIC). Accordingly, any questions or comments you may have about an appraisal must be sent to the CIC representative and the CIC representative will then forward your questions and comments to the appraiser for review and consideration. In the event that, as a result of your questions or further information provided regarding the appraisal, the appraiser changes his/ her appraised price, Sasol’s Offer will change accordingly, subject, however, to the process to determine the Average Appraised Price as described above.

step 4: Accepting Sasol’s Offer

Once the appraisal process is completed, the fourth step is for Sasol to make an Offer to you for your consideration. The Offer will be in the form of a proposed Purchase and Sale Agreement prepared by Sasol. Should Sasol make
you an Offer, you will have ninety (90) days from the date of the Offer to sign and accept the Purchase and Sale Agreement. Acceptance will be indicated by returning the original and unaltered copy of the signed Purchase and Sale Agreement to a CIC representative at the Information Center. The Effective Date of the Purchase and Sale Agreement will be the last day that the buyer and/ or seller signs the Purchase and Sale Agreement. All Property Owners are required to sign the deed that transfers the Property to Sasol.

The proposed Purchase and Sale Agreement will include the Purchase Price, qualifying Program Benefits and the terms and conditions relating to the purchase and sale of your residential Property. More details on the determination of the Purchase Price and qualifying Program Benefits applicable to different ownership categories are provided as part of the Q & A on pages 21 to 26.

The Offer will contain conditions that are normal and customary for real estate transactions, including but not limited to you having legal, marketable and insurable title to the Property. Furthermore, your participation in the Program and receipt of any Program Benefits will require you to release Sasol from any and all past, present or future property claims against Sasol relating to your Property at Closing.

The Offer made by Sasol and the contractual terms and conditions of the Purchase and Sale Agreement are non-negotiable. A Purchase and Sale Agreement that has been altered by you or your representative will not be accepted or signed by Sasol and will not be a legally binding contract obliging Sasol to purchase the Property in accordance with such amended Purchase and Sale Agreement.

Note: You are encouraged to obtain legal and other professional advice (including, but not limited to financial and tax advice) on the Offer.

step 5: Vacating the Property and Closing

Closing will take place when all of the conditions of the sale process are fulfilled to the satisfaction of Sasol. Provided, that Closing will not be later than six (6) months from the Effective Date of the Purchase and Sale Agreement. However, a Property Owner may request an extension beyond the original six (6) months from the Effective Date and Sasol may, at its sole discretion, extend the period to Closing by giving written notice of such extension to the Property Owner. All Property Owners must sign a deed transferring the Property to Sasol before the sale will be closed.

Sasol will pay all Normal Seller Closing Costs directly attributable to the sale of your Property, except for the costs for, or related to mortgages, real estate broker commissions, prorated real estate taxes, liens and judgments. These exceptions must be paid by you and cleared from the title before Closing can take place.

All Properties must be vacated on, or before Closing. You must remove all possessions and leave the Property “Broom Clean” and in a “Neat and Safe Condition”. The requirements to qualify for the Clear Site Bonus, in addition to the “Neat and Safe Condition” will be included in the Purchase and Sale Agreement that Sasol submits to you.

“Broom Clean” means that all possessions from any structures on the Property including, but not limited to, furnishings, automobiles, trucks recreational vehicles, recreational equipment, lawn maintenance equipment, tractors, trailers, tires, paints, household chemicals, automobile and motor maintenance products, fertilizers, and weed and pest control products must be removed.

“Neat and Safe Condition” means that all utilities including water, sewer, electric, gas, telephone and cable service must be disconnected from the Property at the street (or at the main) so that all improvements on the Property may be safely removed in accordance with the utility providers’ guidelines. Above ground swimming pools must be drained and modified such that they will not hold water. The location of septic tanks and wells must be clearly marked.

An authorized representative of Sasol or CIC will inspect the Property at Closing, to ensure that the Property complies with the requirements described above and to determine if you qualify for the Clear Site Bonus.

The Program Benefits that you qualify for will be paid to you at Closing.

 

Letter from Sasol  |  Introduction  |  Program Area  |  Property Owner  |  Tenants  |  Description of Program Benefits
Program Definitions  |  Clarification Questions and Answers  |  Appraiser Instructions
Sasol Appraisal Request and Authorization Form  |  Sasol Renters Benefits Request Form  |  FAQs

Sasol appointed Community Interaction Consulting, Inc. to administer the Voluntary Property Purchase Program. This Program is entirely voluntary.