INSTRUCTIONS AND POLICY FOR RESALE OF AN APARTMENT

In order to receive the Managing Agents or Board of Directors approval, the Applicant must submit the following items.

One (1) Complete Original Package, plus TWO (2) complete additional copies of the following documents, arranged in page sequence, and all checks or money orders should be given to the Managing Agent upon submitting the application (See paragraph 19 thru 21).

1. Purchase Application (attached).

2. Fully executed and signed Contact of Sale.

3. Statement of Income (attached).

4. Credit Report Authorization form must be signed by the applicant and Co-applicant, if there is any.

5. Window guard Rider (attached)

6. Receipt of copy of House Rules (attached)

7. Disclosure information on Lead-Based Paint

8. Financing: financing of 80% of the purchase price is permitted plus, Bank Commitment Letter of Approval and Loan Application.

9. Three (3) Original Aztech Recognition Agreements.

10. For all cash purchase, Proof of Funds is required.

11. For self-employed applicants: verification of income by a C.P.A. and Tax Transcripts of business tax returns is required from the IRS, and cancelled checks for estimated Tax payments.

12. One Business Reference Letter on Letterhead from the employer stating your position, length of employment, current base annual salary, and any other compensation is required. Letter must indicate the date current salary went into effect.

13. Employment information for the Past Two (2) Years.

14. Tax Return Transcripts from IRS. For the past Two (2) years (see attached instruction).

15. Copies of W-2 from IRS from the past Two (2 ) Years.

16. Please note that all Originals Tax returns, W-2, and last 4 pay-stubs must be brought with you for the interview. (They will be given back the same day).

17. A copy of two ( 2) most recent statement from all banks and financial institution for both the applicant and co-applicant indicating proof of sufficient funds for the purchase of the apartment.

18. Please note that Guarantors are not acceptable.

19. A check or money order in the amount of $100.00 (from each applicant) payable to Park City 3&4 Apartments, Inc. for credit check. This payment is non-refundable.

20. A check or money order in the amount of $500.00, payable to Park City 3&4 Apartments, Inc. for the application fee. This payment is non-refundable.

21. A check or money order in the amount of $500.00 for a move-in deposit this fee is refundable provided that the applicant shows evidence that no damage was incurred during the move-in into the building.

22. Any unauthorized deliveries, move-in/move-out, or deliveries, move-in/move-out after 4:30 P.M. shall results in immediate forfeiture of the $500.00 deposit. Move-in/move-out is allowed only from Monday to Friday from 8:30 A.M. to 4 :30 P.M.

23. No move-in/move-out is permitted on Weekends or on Holidays.

24. Upon the closing:

1 – There is a Flip tax (Transfer tax) of 2% of the purchase price which, is due at the closing, 1% from the seller and 1% from the purchaser.
2 – The purchaser must have Homeowners Insurance at the time of the closing.

25. Fill in the form: (IN CASE OF EMERGENCY)

Income Guidelines- (for Applicants Obtaining a Mortgage)

In order to comply with the income guidelines of Park City 3&4 Apt, Inc. purchaser must have an annual income of three and a half ( 3 ½ ) times the annual carrying charges ( MAINTENANCE AND MORTGAGE ADDED TOGETHER)

Income Guidelines- for ( Applicants Paying Cash for Apartments):

In order to comply with the income guidelines of Park City 3 & 4 Apt, Inc purchaser must have an annual income of seven (7) times the annual carrying charges (MAINTENANCE).

FALSE STATEMENTS ON THE APPLICATION OR ATTACHMENTS WITH THE APPLICATION WOULD RESULT IN AUTOMATIC DENIAL OF THE APPLICATION.