What to Know About Selling Your Contract.

HOW TO SELL YOUR CONTRACT AT SOMERSET APARTMENTS

POST YOUR CONTRACT AVAILABLE ONLINE

Utilize as many places as you can. Recommended sites:

• BYU-Idaho Bulletin Board (this is where most buyers come from)
• Craigslist
• KSL
• Facebook (don’t forget to ask your friends to share)
• Facebook Housing Groups
• Instagram
  *Note: Make sure you are posting/reposting often, so your post stays near
  the top of any listings.

WHAT YOU WILL DO

1. You are responsible for selling your contract at the full price you signed
   for. You can lower the cost to whatever you would like, just know that
   you will be responsible for the difference if any discounts are given.
2. Notify management in writing of your intent to sell your contract.
3. Fill out the contract transfer information form that is sent to you with
   your personal information for potential buyers to see on our website.
4. There is a $150 transfer fee for selling your contract. This fee must be
   paid in full for the transfer to be considered complete.
5. If you do not find a buyer before your rent is due you will still be subject
   to all terms of the contract, including late fees, if not paid on time.
6. When a buyer is found, notify management so we can assist with the
   contract transfer.
7. When a buyer is found you will sign a seller agreement sent to your
   resident portal. This agreement includes details on which semester(s)
   you are selling and who your buyer is.

WHAT YOUR BUYER WILL DO

1. Fill out an application on the Somerset website.
2. Call, text, or email management to verify they are purchasing your
   contract and note on their application they are buying from you.
3. Sign their own lease and lease buyer agreement.
4. Pay their own Application fee and Deposit. The transfer will not be
   considered completed until they have a signed contract and have paid
   their own deposit.

WHAT YOUR APARTMENT MANAGER WILL DO

1. From the information you provided in the contract transfer information
   form, a listing will be added to our website.
2. We will add you to our lease transfer list on a first come, first served
   basis.
3. Future residents seeking to buy a contract from another student will be
   directed to the listings on our website and can contact you through the
   information you provided.
4. Notify you in writing and finalize your contract transfer after the
   following has happened:
   1. Received a seller agreement signed by you.
   2. The lease transfer fee is paid by you.
   3. A fully signed contract is received from the buyer.
   4. The buyer has paid their application fee and deposit.
5. Once you have found a buyer, any rent charged toward the semester
   you are selling will be reversed on your account, and applicable refunds
   will be sent to you.

LET’S WORK TOGETHER

We want you to be able to sell your contract. The more proactive you are in the
process with keeping the listing posted and seeking to find a buyer the better this
typically goes. We have also found that being willing to discount your price will
often put you in front of other sellers.

Please know that there are times of the year and certain semesters that are more
difficult to find a buyer than others, and you are not guaranteed to find a buyer or
be released from your contract. If your contract transfer is unsuccessful, you will
still be responsible for your contract.

I want to help you, please stay in close contact as we work together. If you need
any help or advice about knowing what or how to post about your contract,
please let us know.

If you have any other questions, please call us at (208) 356-7699, text us at (208) 534-6131, or send us an email at [email protected] for more
information.

Please Note: Parking does not roll over when you sell or purchase a contract. Our parking is on a first come, first served basis and the parking contract will go back into our inventory.