Cohousing-L Mailing List: Re: Options [was the concept of cohousing v. actual cohousing]

[Jessie Kome (jehako]

Hi-

Sharon's answer is good.  Here's why you might want an option.  You typically 
purchase an "option to purchase" a piece of property because you think it might 
be right, but you need to do a quick check of some sort with your co-investors, 
OR you need time to consolidate your financing package with your lenders or 
investors.  In a healthy market, an option to purchase will cost more the 
longer you want to hold it (30 days, 60 days, etc.).  At Eastern Village, our 
developer held an option on our property for a brief period while we signed up 
enough members (money on the table) so that the lender would agree to issue the 
developer the construction financing.

-Jessie Handforth Kome
Eastern Village Cohousing
Silver Spring, Maryland
"Where our son seems to have come out of his recent brain surgery with flying 
colors and everyone is glad with us!"