This excerpt taken from the PCG 10-K filed Feb 24, 2009.
CONTINGENT OFFERS DO NOT QUALIFY FOR THE PROGRAM.
As part of the assistance, PG&E pays your brokers' commission and customary seller's closing costs (Customary for the county will be as defined by local Title Company. Concessions are not considered customary.) The customary costs of sale will not appear on the closing statement. If you assign the closing of the sale of your home to the home purchase firm, you should not submit a closing statement to PG&E for reimbursement.
When you assign an offer, you are financially responsible for your home until you vacate.
Should you assign an offer and permit the buyer to assume your loan, you must indemnify (in writing) both PG&E and the home purchase firm against any future default.
Amended Value Offer
You may assign more than one offer, that is, a backup offer to the home purchase firm. Make certain that you contact your Consultant for details beforehand.
APPRAISED VALUE OFFER
Accepting the Appraised Value Offer
Approximately 15 business days after the appraisals have been completed and thoroughly reviewed, your Consultant will call you with the Offer to purchase your home. An Offer to Purchase Package containing all the forms required for you to sell your home to the home purchase firm will follow.
Building permits must be on file to meet all current local building code requirements.
60 Day Marketing Period
Beginning with the day you are called with your Offer, you have 60 days to:
You may accept the Appraised Value Offer anytime during the 60-day period by completing the appropriate documents. Your home must have been on the market for AT LEAST 45 days prior to accepting the Appraised Value Offer.
Upon your acceptance of the Appraised Value Offer, you will have up to 60 days to vacate your home. You will be asked to indicate on the Seller's Data Sheet the date you plan to vacate.
Once you accept the Appraised Value Offer, your home will be listed for sale by the home purchase firm. You are expected to cooperate with the home purchase firm by allowing prospective buyers to view your home by appointment at reasonable hours.
Your are responsible for all expenses of your home until the vacate date.
All appliances, heating, plumbing, and other fixtures to be sold with the home should be clean, in working order, and remain on the premises. If removed, the full replacement value for each will be withheld from your final equity.
PAYMENT OF EQUITY
In order to meet your new home purchase obligations, you may find that you need funds (equity) prior to the normal equity payment date (close of escrow). If so, payments of two types are available.