Re: conforming mortgage question
From: Diana E Carroll (dianaecarrollgmail.com)
Date: Mon, 8 Mar 2010 05:49:37 -0800 (PST)


On 3/8/2010 8:16 AM, Kristen Simmons wrote:
For those groups that stopped adding members to the LLC, how did that work?
What sort of agreement did new equity members sign when joining the group?

There were no new "equity members". There were home purchasers. They signed a Purchase & Sale Agreement (and put a deposit down on their home to go with it) and later all the usual documents one signs when buying a home. (At least one of which is that you agree to follow the terms of the CC&R of the group...which essentially amounts to "cohousing" :-)

We have a sort of unusual situation in that the 40B program demands that we not "require" purchasers of our "affordable" homes to "participate in cohousing" so we do have this separate "cohousing" group to meet the letter of the law, so people who buy homes also have the opportunity to join "cohousing", in which case they sign an agreement to participate in community and honor prior consensus of the group. That's not a legal document, though, it's sort of more of a...spiritual one? :-) We have them light a candle too.

-Diana
--
Now is the time for community........Mosaic Commons cohousing
Homes still available...........http://www.mosaic-commons.org

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