Our obligation to purchase the Property pursuant to these terms only arises if all of the following conditions are satisfied.
Buyer must send an email to firstname.lastname@example.org within thirty (30) days of the recorded closing date. The email must contain the following information, at a minimum:
Buyer purchased the Property as a primary residence, and has physically moved into and lived within the Property after the recorded closing date.
Buyer has completely vacated the Property within forty-five (45) days of the recorded closing date and left the Property in substantially the same condition that it was in at purchase.
There is no Material Detrimental Change to the condition or value of the Property following the recorded closing date. "Material Detrimental Change" shall mean any change or changes to the condition or value of the Property subsequent to the recorded closing date, regardless of its cause, that, taken individually or together, materially impact the Property's value, condition, marketability or habitability, as determined in REX's good faith but sole discretion, including, but not limited to, non-minor damage to the Property, removal or modification of any major fixtures, new title matters, changes in law, impacts by acts of God, fire, flood, earthquake, war, epidemic, riot or terrorism, casualty loss, a housing market decline represented by a five (5) percent or greater annualized decline in the seasonally adjusted Case-Shiller Home Price Index for the region in which the Property is located measured over the most recent month for which the Index is available, a stock market decline represented by a ten (10) percent or greater annualized decline in the Dow Jones Industrial Average measured over the forty-five (45) days following the recorded closing date, increases in average residential mortgage rates of more than 0.5% in the forty-five (45) days following the recorded closing date or in the event that the Buyer, or any parent company thereof, becomes insolvent or files for bankruptcy.
REX has not previously purchased any property from the Buyer or any family member of the buyer pursuant to any REX Guarantee.
All liens and monetary encumbrances are paid in full at the REX purchase closing from sales proceeds.
Title to the Property has not changed from the recorded closing date and there is no dispute regarding title other than those disputes arising due to an act by REX.
The REX buyback guarantee is subject to the following purchase limits by geography, where the guarantee will only be honored if the home sold at or below the following selling prices:
If all conditions of the REX Guarantee are met and subject to such conditions, REX will purchase the Property pursuant to the REX's standard purchase agreement, the form of which will be provided to Buyer, for the original net purchase price (i.e.: the price the Buyer paid for the Property after taking into account any price reductions or credits) less any transaction costs and any costs associated with repairing any damages to the Property that occur following the recorded closing date.