William Penn House Presentation of Offers

Instructions for submitting an offer at The William Penn House

  1. Please complete BUYER’S BUSINESS RELATIONSHIP WITH PA LICENSED BROKER. Please make sure to include your cellular number here also.
  2. Please fill in today’s date
  3. SELLER’S NAME: The Seller’s name can be obtained from the Damon Michels Team. Otherwise, please leave the name blank and we will fill the Seller’s name in for you.
  4. BUYER’S NAME: Please include all Buyers’ full name(s) exactly as they would like their stock certificate titled. (Ownership is held by a natural person only, no trusts or LLC)
  5. Please fill in the unit number the Buyer is purchasing
  6. Please fill in the Purchase Price for the unit
  7. FIRST DEPOSIT: We require a minimum First Deposit of $1,000.00. Any deposits paid within30 days of a settlement must be in a form of a cashier’s check. Deposits should be made payable to: Fox & Roach, LP. Please be advised that if we accept your agreement, we will not return a signed copy of the agreement until we have a physical deposit check in our possession.
  8. SECOND DEPOSIT: We require a minimum Second Deposit of 5% of Purchase Price. Any deposits paid within 30 days of a settlement must be in a form of a cashier’s check. Deposits should be made payable to: Fox & Roach, LP.
  9. Please fill in the balance of money to be paid at settlement. This money will be in the form of certified funds made out to ACCELERATED LAND TRANSFER LLC and/or in the form of a mortgage.
  10. Please designate whether the deposit monies should be put in an interest bearing account.
  11. ADMINISTRATIVE FEE: This is the fee WPH requires to be paid upon move in. This fee is a capital contribution fee and is non-refundable. Efficiencies are $8,000, One Bedrooms are $15,000, Two Bedrooms One Bath are $20,000, Two Bedrooms Two Baths are $22,000, and Three Bedrooms are $25,000. WPH Internal Transfer fees are only for residents who are transferring from unit to unit. Please contact The Damon Michels Team for combination unit fees.
  12. Please fill in desired settlement date: There must be a membership meeting and the new member must be approved prior to any settlement. The WPH Board only meets on the third Tuesday of every month.
  13. Please fill in the current monthly coop fee of the unit. The buyer will be given a 4409 certificate once the unit is under agreement. This will include Financials, Rules and Regulations of WPH.
  14. MORTGAGE CONTINGENCY: If Buyer is requiring a mortgage then they must use one of our lenders listed on the next page. Currently, NO other lenders will lend at WPH. Type of mortgage should be “Coop”. Please be advised that no lender will loan more than 80% at WPH.

WPH LENDERS:

FIRSTRUST: Marc Pruzan, 610-238-5018, mpruzan@firstrust.com
NATIONAL PENN: Matthew Sullivan, 610-659-3522,
matthew.sullivan@nationalpennmortgage.com

    15. MORTGAGE COMMITMENT DATE: Please allow at least 4-5 weeks for a mortgage     commitment with one of our lenders.

  1. INSPECTIONS: Typically, Home Inspections are NOT performed at WPH, since all appliances and heating/air conditioning units are owned and maintained by WPH. Please call The Damon Michels Team if you have any questions on Home Inspections and to discuss further.
  2. APPLIANCES: Please check off all the appliances which are currently in the unit at WPH. All of these appliances are owned by WPH and are being delivered in their present AS-IS, WHERE-IS condition. Standard appliances will be upgraded and maintained by the William House Cooperative according to their house policies.
  3. TRANSFER APPROVAL: The WPH Board only meets once a month. The Board meetings are on the Third Tuesday of each month. The Buyer does not attend this Board meeting. The Buyer will attend a separate Membership meeting with the Membership Committee prior to the Board meeting. This meeting will be setup once there is a signed Agreement of Sale. The Buyer will be contacted directly by WPH Management. The Buyer will be required to submit 2 years tax returns, bank statements, paystubs and proof of assets to WPH Management.
  4. Please include any inclusions, exclusions or special terms here.
  5. Please make sure Buyer(s) initial that they have received the pamphlet and disclosure regarding Lead Based Paint. Since this is a Coop, there are NO Sellers Property Disclosure Statements.
  6. Signatures AND Initials are required in both places on this page.
  7. These are Estimated Closing Costs. Buyer must use ACCELERATED LAND TRANSFER LLC to close the transaction at WPH. Bank and Closing fees are determined by the lender.
  8. This is the WPH Financial Application. This is being used instead of a BFI. This application will be also submitted to the WPH Board with 2 years tax returns, bank statements, paystubs and proof of assets to WPH Management for Membership approval. Buyer must obtain a HO6 Insurance Policy by settlement date.
  9. CREDIT REPORTS: Buyer should complete so WPH can obtain a credit report on applicant(s).

    Please email offer to Damon@DamonMichels.com or Fax offer to (610) 514-2525. Thank you for submitting your offer to The Damon Michels Team.
    We look forward to working with you and closing this transaction!!!

    WPH presentation of offers