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Lease Cancellation or Costs Included in Home Sale
Executives are often eligible for longer lease cancellation benefits and other fees associated with selling their home (such as the real-estate agent’s commission). Any other costs related to this will also most likely be covered. Keep in mind there may also be additional expenses related to executives selling a home in one location, and purchasing in another - for example, additional storage needs on either end, or additional short-term housing due to the complexity of aligning the two transactions.
Cash Allowance or Lump Sum
In addition to the above benefits, executives are often offered a lump sum allowance or a signing bonus. The executive is given a certain amount of money for any miscellaneous moving costs and gets to keep the remaining sum if any money is left over. This amount can vary depending on a variety of factors. Although lump sum or cash benefits are often discussed as an alternative to full relocation benefits, in an executive package this is typically offered in addition to their relo package.
Get Help to Build the Best Executive Relocation Package
These are just a few of the many benefits of an executive relocation package. The overall goal is to create a comfortable moving experience for them and their family.
If you’re looking for help with executive relocation packages, check out our employee relocation solutions & services. You need a relocation management company that delivers positive, personalized experiences for your executive employees. While other companies may keep you in the dark with murky, confusing practices and pricing models, UrbanBound puts you behind the wheel of your relocation program - giving you the clarity and flexibility you need to set your executives up for success on day one. Watch the video below to learn more about how UrbanBound is different: