What is a permitted sale?

A permitted sale is any sale or transfer of your property that meets the criteria outlined in your Option Purchase Agreement.

Typically, when we receive your payoff request, we'll ask if proceeds are from a refinance or sale. If it's a sale, there are a few conditions that must be met:

• You've given us notice that you intend to sell at least 15 days before close, or 5 days before a contract is signed
• It is listed publicly in the MLS for at least 14 days and represented by a licensed real estate agent. The agent must hold at least 2 open houses.
• It is considered an 'arm's length' transaction, meaning that the property is not being sold to a related party, that each party is operating in their own self interest, and with equal bargaining power. If it is not an arm’s length transaction, we may require an appraisal to determine the market value instead of using the sale price.

This criteria ensures that the listed property value is fair for all parties. Please see your Option Purchase Agreement for more details.