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Gulf Tower, Suite 2727. 707 Grant Street. Pittsburgh, PA 15219 |
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Fax: 412.261.4480 |
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Est.1983 |
General E-mail: info@oolltd.com |
Relocation Check List |
Following are the common issues/elements that make up a "standard relocation policy" according to the Employee Relocation Council.
Shipping of household goods (This generally includes shipping, packing, unpacking and storage.)
Temporary living (The majority of coverage is offered for the new location rather than the old.)
Househunting trips (Just over 50 percent of corporations surveyed now offer two or more trips, with most of the remaining companies offering one. Trips normally include the spouse and sometimes cover dependent children.)
Purchase closing costs (Most companies will reimburse all "normal, required" costs associated with the purchase of home at the destination location, but restrict coverage to transferees that were homeowners at the old location and/or have attained certain job levels.)
Miscellaneous expense allowance (With no requirement to itemize or document expenses, the allowance is intended to cover incidental expenses related to the move, i.e., auto registration, appliance hook-ups, etc.). It is usually equal to one month’s salary.
- Real estate sales assistance (Nearly all companies offer such assistance, under one of the following programs: in-house purchase program, where the company offers to buy the home at market value; a third party purchase program, similar to the in-house purchase program except the company contracts with an outside firm to purchase and resell the home; guarantee-against-loss, where the company does not offer to buy the home but guarantees the market value to the residence (selling expenses are usually also reimbursed); and direct reimbursement, where the company reimburses selling expenses with no attempt to protect the home’s market value. The third party program is the primary form of assistance and is used by approximately 70 percent of companies, followed by the direct reimbursement program, used by 18 percent of companies.)
This is another standard package that lists items commonly covered by a corporation in relocating an employee/new employee. This does not represent a comprehensive package but rather a minimum in terms of reimbursable items.
Real Estate fees up to a maximum of 6% of sale of existing home.
Applicable closing costs on new home purchase (surveys, inspections, mortgage origination fees up to 2% of mortgage value).
Reimbursement for movement of goods; two bids are required. It is agreed that the candidate will select the lower bidder. As proof of bidding process, copies should be submitted for approval.
Temporary living will be provided for a period not to exceed 90 days. Such expense may be utilized for an apartment (furnished) or agreed upon hotel arrangement.
Paid expense for actual travel from ______to ______.
Candidate and spouse may travel to twice for the purposes of house hunting. Trips should be limited to three days duration (each).
Expenses must be approved in advance.
If for any reason the candidate severs their employ during the first twelve months it is agreed the candidate will reimburse the company on a pro rata basis (1/12 for each month of employment) for all relocation expenses.