Cohousing-L Mailing List: Right of first refusal

[Susan L. Hedgpeth (hedgpeth]

Hi all,

We are a California cohousing community (organized as a condominium HOA) 
exploring the idea of adding a right of first refusal clause to our bylaws. 
As we understand it, this would mean that in a situation where a seller is 
in contract to sell to a buyer whom the community has serious reservations 
about, the HOA could decide to buy the unit at the contract price.

We'd like to hear from other communities that have looked into or set up 
right of first refusal. How, exactly, does it work? Do you know if it's 
legal in California? Have you actually exercised the right of first refusal 
yet? How did you/would you decide if concerns are serious enough to use 
this right? How would you handle the financial end?

Please feel free to respond privately if you don't want to respond to the list.

Thanks very much.



Susan Hedgpeth
Pleasant Hill Cohousing
Pleasant Hill, California, USA
(San Francisco Bay Area)
http://phch.org