What are the other core requirements of the agreement?
- Keep their home as their primary residence (for owner-occupied properties). This means living there at least 180 days/year and not being away for more than 60 consecutive days.
- Keep all house-related payments current. Make sure any home-related payments are made on time. This includes the mortgage, property taxes, and insurance payments.
- Maintain proper insurance. Unison requires our customers to maintain hazard insurance on their homes equal to the home’s value. It must include fire and any additional hazards typical for their area.
- Keep the home in good condition. Any serious defects and repair issues should be handled prior to sale. In instances where our customers fail to maintain their property (or if a pre-existing defect is not addressed), Unison will apply a deferred maintenance adjustment when the agreement ends.
- Keep Unison informed of major changes.
- Selling or transferring the home
- Having a lien placed on the home
- Filing for bankruptcy
- Fire or hazard damage
- Receiving a notice of condemnation
- Anything else impacting the home’s value, including remodeling
- If a non-signatory to our agreement becomes an owner or principal resident
- Allow aerial photography of the property within a few weeks of closing with Unison, Unison will send out a small team to capture aerial photos of the property. This completes the property documentation along with the inspection and appraisal information Unison collects before closing. All of this info is kept in a personalized online portal the homeowner can log into anytime.
What disclosures do you provide to consumers?
- A Program Guide, detailing the economics of the agreement
- A Program Knowledge Review with an online tool that details the economics and mechanics of the agreement
- An Offer Letter, which goes into detail about the consumer’s obligations under the agreements