Re: Shared Ownership of Units / Parcels -- Creative Legal Possibilities?
From: Linda Felch (lfelchwelchlink.welch.jhu.edu)
Date: Mon, 14 Jul 1997 12:51:06 -0500
This Spring, Heathcote Community purchased an additional 7 acres 
including farmhouse and barn. We set up a Limited Liability Corporation 
(LLC) to handle agreements such as those that you are talking about.
 I think the rules on LLC's are different across states -- we're in Maryland.

***
>  Newly forming Placerville (CA) Cohousing would
>  appreciate any information about "shared equity."  If a
>  subgroup of the whole wished to purchase a single parcel
>  and construct 3 units on it (main house with attached
>  living unit and a granny flat), is there a creative
>  legal entity which would prevent any single co-owner of
>  the parcel from forcing the sale of parcel if one of the
>  parties wanted out?
>  
>  Can coowners of such a parcel execute a legal document
>  requiring that all owners must agree unanimously before
>  any single owner sells or transfers their title to
>  somebody else?  And that they can't sell without the
>  new buyer agreeing to execute an identical document? 
>  Is there any simple and clean way to do this kind of
>  shared ownership?  Or must cohousers who wish to buy
>  property in this fashion simply rely on old-fashioned
>  trust and cooperation to make it work? 
***


Linda Felch
lfelch [at] welchlink.welch.jhu.edu
http://www.welch.jhu.edu/~lfelch/heathcote.html
Baltimore, MD

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