|Re: real estate attorneys||<– Date –> <– Thread –>|
|From: Rob Sandelin (robsanmicrosoft.com)|
|Date: Fri, 22 Apr 94 10:51 CDT|
Pablo Halpern writes about selecting attorneys: >2. Figure out what your needs are. Any lawyer should, at least: > * Have multi-unit real estate experience. > * Be able to work with a consensus-based group. > * Understand and support the cohousing concept. I am not sure I would agree that the last two are necessary requirements of an attorney. I would definitely charge a committee, or better yet, an individual to be the contact for the attorney. Don't make the attorney deal with the whole group, and your decision process is then immaterial except that turn around time for a response may be effected. At Sharingwood we had one person as the primary contact to the attorney and that worked really well for both us and the attorney. I also am not sure the lawyer needs to support the cohousing concept, they may not even have to understand it. From the legal standpoint, you are doing land development and cohousing per se has no legal standing so there is no advantage nor disadvantage legally to being a cohousing group. Finding an attorney who supports cohousing, is no more important than finding an electrician that supports cohousing, and making it a requirement might make it hard to find an attorney. At Sharingwood our lawyer thought we were nut cases to not maximize our profits, but he did his job well, gave us the advise we needed and that is what really mattered. That is not to say there are no advantages to being cohousing in the negotiation process. For example, many groups non-profit status and community intentions have gotten them property that was originally not for sale, or got a better deal. Some advice from our experience at Sharingwood. If you go condo and you want bank loans, have your attorney pass a draft of your declarations by FMNA for their approval. Being FNMA approved opens the doors of most any bank around. Although any good attorney will write declarations that would be FMNA approved, sometimes groups make alterations which cause them problems later, and your attorney may not tell you about future problems your changes will make for you.
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