Re: Right of First Refusal
From: Sharon Villines (sharonsharonvillines.com)
Date: Sat, 6 May 2006 06:25:11 -0700 (PDT)

On May 6, 2006, at 8:19 AM, Kelly Devine wrote:

I understand this is a common way in cohousing
to ensure some control over the membership in the community. We recently
learned that Fannie Mae and Freddie Mac prohibit right of first refusal
clauses.

How did you learn this and what is the exact wording of the rumored prohibition?

We have it in our condo docs and I would recommend that every community have it. It isn't something you can always exercise (available funds, etc.) but it is the only way to protect yourself from a relationship gone bad (always have a prenup if property is involved!).

Sharon
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Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org


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