How it works – Commercial property
It’s not just residential property owners who can participate in Homes for Homes. Many with commercial properties are among our staunchest supporters.
To generate ongoing goodwill
Those who have an office, retail or industrial property can also take part in Homes for Homes. Owners of these premise are invited to donate a tax deductible 0.1% of the sale price or rental received to help end homelessness. It’s a great way to give back to the community, embrace corporate social responsibility and stimulate the economy, all at the same time.
Homes for Homes includes business premises
For freehold participants, the Homes for Homes caveat can be included on the property’s title. For leasehold participants, there is a Homes for Homes clause that can simply be inserted into any standard lease agreement.
Having a Homes for Homes caveat or clause will in no way restrict the property and all other dealings still can be recorded – such as subdivision and mortgage details. Also, as participation is voluntary, the Homes for Homes caveat or clause can be withdrawn at any time, by a phone call or email.
The steps for freehold participants
- The owner completes a participation agreement. This can also assist in applying for GBCA Green Star Rating Points. Homes for Homes will then provide a Donation Deed to be signed that shows:
- The owner’s consent to Homes for Homes lodging a caveat.
- Homes for Homes’ agreement to withdraw this caveat at any time upon request.
- When the signed Donation Deed is returned, Homes for Homes will lodge a caveat with the Land Registry Office in your state or territory. When the participating property is eventually put on the market, participation in Homes for Homes will be disclosed under Special Conditions in the Contract of Sale.
- At settlement, the vendor passes on the purchaser’s details to Homes for Homes. The caveat will then remain in place on the title, unless the new owner advises otherwise.
The steps for leasehold participants
- The tenant completes a leasehold participation agreement. This can also assist in applying for GBCA Green Star Rating Points.
- The owner(s) and the tenant include the Homes for Homes clause in their Lease Agreement. The donation timing is flexible and can occur at the start of each lease term, each lease year or another agreed time period.
- Every time the property’s owner donates the promised 0.1% of the rent to Homes for Homes, they will receive a receipt that can be claimed on their next tax return.