VOLUNTARY PROPERTY
PURCHASE PROGRAM

Program Definitions

Throughout this Website and the Handbook, unless otherwise stated or the context otherwise indicates, the words in bold have the corresponding meaning stated below them, words in the singular include the plural and vice versa, and any reference to one gender includes the other gender.

Appraisal Request
The completion and submission of the Appraisal Request and Authorization Form on page 32 of the Handbook.

Average Appraised Price

  • If the difference between the two primary appraisals is:
    equal to, or less than 10% of the higher appraisal, then the Average Appraised Price will be equal to the average of
    the two appraised prices; or
  • greater than 10% of the higher appraisal, then a third appraisal will be ordered and the Average Appraised Price
    will be equal to the average of the two highest of the three appraised prices.

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

CIC
Community Interaction Consulting, Inc., a real estate consulting firm selected by Sasol to administer and manage the Program on its behalf.

Clear Site Bonus
A payment of up to $15,000 that is potentially available to a Property Owner at Closing to pay the cost of clearing the site of all structures and improvements as described in more detail on page 19 of the Handbook.

Closing (Property Owner)
The date on which all the conditions of the sale process are fulfilled to the satisfaction of Sasol, funds are disbursed to the seller, and title to the Property is transferred to the buyer.

Closing (Tenant)
The date on which all the conditions of a release agreement between Sasol and a Tenant have been fulfilled to the satisfaction of Sasol.

Closing Cost Assistance Allowance
A maximum allowance of $5,000 that is potentially payable to the closing agent of an Owner Occupant or Tenant in respect of a new property purchased by such Owner Occupant or Tenant outside the Program Area provided that the closing of the purchase of such new property falls within ninety days from vacating the Property within the Program Area.

Curative Title Work Allowance
A maximum allowance of $5,000 that is potentially available to Property Owners to cover the legal costs associated with curing title problems which will be payable directly to the relevant law firm.

Early Sign-Up Bonus
A bonus in the amount of $1,000 paid at Closing to a Property Owner or Tenant, where on or before October 4, 2013, such:

  • Property Owner registered his/ her interest in participating in the Program and submitted an Appraisal Request
    and Authorization Form; or
  • Tenant registered his/ her interest in participating in the Program and submitted a Renters Benefits Request Form.

Effective Date
The effective date of the Purchase and Sale Agreement will be the last day that Sasol and/ or seller (Property Owner) sign the Purchase and Sale Agreement.

Equity
The proceeds from a sale after deducting all cost to pay out and discharge any outstanding mortgages, liens, pro-rated taxes and assessments, broker commissions, and curative title work.

Equity Advance
An advance equal to up to ninety (90) percent of the Equity that may be payable to an Owner Occupant in order to allow him/ her to, make a deposit on another property outside the Program Area, pay moving expenses, clear the site of all improvements in accordance with the description of Clear Site Bonus and all other related costs.

Handbook
This Program handbook describing the details of the Program and Program Benefits.

Improved Property
Property that has a structure or structures on it that is suitable and fit for a person to live in and that is free from defects that endanger health and safety of the occupants, regardless of whether such Property is vacant or occupied.

Information Center
The Program office established by CIC at the former Mossville Elementary School located at 3301 Old Spanish Trail Westlake, LA 70669 that can be contacted at (337) 310-8200.

Minimum Appraised Price
A minimum amount established for the Program to determine the Purchase Price and Offer depending on the type of ownership category and which is more fully described on page 17 of the Handbook.

Miscellaneous Expense Allowance
A maximum allowance of $8,000 potentially available to Owner Occupants or $4,000 potentially available to Tenants to cover their relocation/ moving expenses.

Neat and Safe Condition
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 all the septic tanks and wells must be clearly marked.

Normal Seller Closing Costs
Costs related to preparation of deeds, recording fees, transfer tax, title exam, and a closing fee are considered Normal Seller Closing Costs for the purpose of the Program and are potentially payable by Sasol for the benefit of Property Owners. Real estate broker commissions, pro-rated real estate taxes, liens, mortgages, and judgments are not covered under the Program and will not be paid by Sasol.

Offer
An offer made in writing by Sasol to a Property Owner to purchase his/ her residential Property in the Program Area at the Purchase Price.

Offer Period
A ninety (90) day period to accept or decline Sasol’s Offer to purchase the Property of a Property Owner, as calculated from the date of the Offer.

Owner Occupied Property
Improved Property that is occupied by an Owner Occupant.

Owner Occupant
A Property Owner that lives in a home on his/ her Improved Property.

Premium Payment
A payment in excess of the Average Appraised Price, equal to:

  • 60% of the Average Appraised Price for Owner Occupants;
  • 50% of the Average Appraised Price for Rental Property Owners; and
  • 40% of the Average Appraised Price for Unimproved Property Owners.

Program
The voluntary property purchase program sponsored by Sasol.

Program Area
The area described on pages 7 and 8 of the Handbook.

Program Benefits
The program benefits available to the Property Owners and Tenants under the Program as more fully described on pages 16 to 20 of the Handbook.

Property
All residential property within the Program Area including Improved and Unimproved Property regardless of whether the Property is occupied or vacant.

Property Owner
A person or persons owning and holding good title to a Property as of July 12, 2013.

Purchase Price
The purchase price as determined with reference to the higher of the Average Appraised Price or the Minimum Appraised Price plus the Premium Payment for the relevant type of owner category.

Purchase and Sale Agreement
An non-negotiable agreement containing the Purchase Price, Program Benefits applicable to a Property Owner and other contractual terms and conditions that are typical of real estate transactions of this nature, which is provided to the Property Owner by Sasol.

Rental Property
Improved Property that is either vacant or occupied by a third party.

Rental Property Owner
A Property Owner of Rental Property.

Rent Disruption Allowance
An allowance of $1,000 payable to a Rental Property Owner at Closing to cover lost rental income when the Tenant vacates the Rental Property.

Sasol
Sasol North America Inc., a Delaware corporation, having its principal place of business at 900 Threadneedle, Suite 100, Houston, Texas, 77079-2990, U.S.A.

Tenant
A person or persons named as (a) tenant(s) in a lease that actively and consistently rent(s), and resides(s) in, a Rental Property and for whom the said residence is his/her or their primary residence as of July 12, 2013, and does not include any persons or family members occupying the Property who are not named as a Tenant in the lease.

Unimproved Property
Property that is not an Improved Property.

Unimproved Property Owner
The Property Owner of an Unimproved Property.

 

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.