|Re: Right of first refusal||<– Date –> <– Thread –>|
|From: Jim Snyder-Grant (jimsgnewview.org)|
|Date: Tue, 10 Oct 2006 09:35:31 -0700 (PDT)|
Susan L. Hedgpeth asked about the right of first refusal in coho communities. At New View (Acton, MA) we've had ROFR language in our bylaws since we started. It's similar the JP cohousing language (and I'll bet it was reviewed by the same lawyer). Our language is here: http://newview.org/legal_docs.htm (search in the master deed for the word 'refusal'). (and I have no idea if this would be valid in CA) A few years ago, after reflecting on our first couple of sales, we then backed it up with some procedural detail, which I've added at the bottom. We used this effectively for our most recent unit transfer. When we heard that my neighbor was planning to move & sell, we reminded her of the 30-day delay that might happen after she found a buyer if we ran the full process, and proposed an alternative: 1) She would set a price based on an appraisal 2) We would find a buyer to meet the terms, using the process in our ROFR agreement. This saved her from paying a realtor fee, and gave us control over the process. The sale took a long time - this was during the recent softening of house prices after big price inflation, so we had a hard time finding any buyers willing and able to pay anywhere near the asking price. We explained this to the seller, who agreed to negotiate a lower price, and our buyer, who we found us via an ad we placed in the paper, moved in happily about 1 year ago. In the future, the only change I would make would be to add an agreement that the seller will reimburse New View for reasonable fees - newspaper ads, etc. -- PROPOSAL: RIGHT OF FIRST REFUSAL PROCESS January 15, 2003 Modifed and Passed at the Meeting of February 13, 2003 1) New View Condominium owners must notify the Condominium Trustees in writing, using a form provided by the trustees, of an intended unit sale as described in Section 17 of the Master Deed. 2) The Trustees will immediately notify the Membership Committee of the proposed sale. The Membership Committee will then form a Selection Team comprising members of the Membership Committee, at least one member of the Steering Committee, and other interested New View households. The Selection Team will not be larger than seven people. 3) The Selection Team notifies all existing Condo Association Members, Community Members and Friends of New View about the upcoming sale and asks any interested buyers in those groups to arrange an interview within a specified period of time. 4) At the discretion of the Selection Team, households on the Inquiry List may also be contacted at any time. The Selection Team will inform people on the Inquiry List of the selection process, open house dates and times, and any deadlines for setting up an interview with the Selection Team. 5) The Selection Team may undertake other activities to facilitate sale of the unit, e.g., distributing flyers, placing advertisements, posting information about the process, the unit and open houses as a link on New View's website, hiring a real estate broker, etc. 6) The Selection Team will interview interested household(s), collect any information about the households, and coordinate any other actions necessary to make a recommendation to the Trustees. 7) The Selection Team will make a final recommendation to the New View Trustees. 8) The Trustees will then decide whether to exercise the Right of First Refusal option as specified in Section 17 of the Master Deed.
- Re: Re: Right of First Refusal, (continued)
- Re: Right of First Refusal Dave and Diane, October 10 2006
- right of first refusal martin henner, October 10 2006
- Re: Right of first refusal MikeAngelastro, October 10 2006
- Right of First Refusal mikearnott, October 11 2006
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