|First right of refusal||<– Date –> <– Thread –>|
|From: Kevin Wolf (kjwolfdcn.davis.ca.us)|
|Date: Fri, 1 Oct 1999 18:03:23 -0600 (MDT)|
At 09:25 AM 10/01/99 -0500, Rob Sandelin wrote: >When you are not dealing with actual titled property you are as free as you >want to create conditions and membership criteria. Once you have titled >property the game changes, and federal and state laws apply. Depending upon >your legal ownership structure you can still maintain some control. If you >go condo, probably the best you can get is right of first refusal, which is >usually meaningless because the organization does not have the capital to >purchase a unit anyway. Coops in most states can choose their members, >that's one reason coops exist. Rob I believe a cohousing community (or any entity) can get a first right a refusal and the opportunity to assign that first right to another party. With this the community can create a waiting list of qualified individuals who have the money and could qualify for the loan. Kevin
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