Updated January 30, 2012
In the event that an existing senior housing community homeowner would like to sell his/her home, the resale procedure steps are detailed below:
Step #1: Contact City to Notify Staff of Intent to Sell Unit
The seller must immediately contact staff if he/she wishes to sell his/her affordable senior housing unit. The City’s Senior Housing Specialist in the Community Development Department will assist sellers with the resale process. The Senior Housing Specialist may be contacted at (562) 916-1366.
Step #2: Application and Maximum Sale Price Provided to Seller
Once the seller has notified the City of his/her intent to sell a unit, the City’s resale application and maximum sale price is provided to the seller.
Step #3: Seller Must Find a Qualified Senior With the Intent to Buy the Unit
The seller has the potential to sell to any buyer that meets applicable age and income requirements. The seller may request a list of interested buyers from the Senior Housing Specialist.
Step #4: Buyer and Seller Complete the City’s Resale Application
Once a buyer is selected, the buyer and seller must fill out the City’s Resale Application provided by the Senior Housing Specialist.
Step #5: Preliminary Review of Resale Application
Upon completion of the application, the application will undergo a review for eligibility verification. A preliminary approval or denial will be issued for the buyer.
Step #6: Final Sale Documentation is Submitted to City
If an approval is issued, the buyer must submit final sale documentation to the City. Sale documentation includes a purchase contract between the seller and the buyer and a copy of escrow instructions.
Step #7: Final Approval Letter Provided to Buyer by City
When the buyer has submitted all necessary final sale documentation, the City will provide the buyer with the final approval letter and the buyer and seller can proceed with the sale of the unit.
Step #8: Proceed With Sale and Close of Escrow
Upon final approval, the keys and possession of the unit may be transferred to the new owner.
To download a printable brochure including resale procedures and frequently asked questions, please clink on the link provided below:
If you have additional questions, please call the Cerritos Community Development Department, Advance Planning Division at (562) 916-1201.