|Re: right of first refusal||<– Date –> <– Thread –>|
|From: David Heimann (heimanntheworld.com)|
|Date: Sat, 14 Aug 2010 09:25:05 -0700 (PDT)|
Hello,I checked the Master Deed at Jamaica Plain Cohousing for the right of first refusal language. We do have language against using the ROFR for discriminatory purposes. There's also language specifically mentioning Fannie Mae and Freddie Mac and their requirements, as well as provisions allowing foreclosure proceedings to trump the ROFR.
In any event, we had no problems with respect to ROFR in obtaining mortgages for our 2005 move-in, nor have had any such problems for our four resales since then, one of which took place as late as this year.
Regards, David Heimann JP Cohousing Date: Wed, 4 Aug 2010 23:38:25 -0400 From: "Mabel Liang" <mabel [at] twomeeps.com> Subject: Re: [C-L]_ right of first refusal To: "Cohousing-L" <cohousing-l [at] cohousing.org> Message-ID: <4286ebf87adc145062a5fdbf56f6c0e0.squirrel [at] sm.webmail.pair.com> Content-Type: text/plain;charset=iso-8859-1 Here at Cornerstone Village Cohousing, Cambridge, MA http://www.cscoho.org , some folks have recently refinanced without any trouble. And we do have a right of first refusal in our documents. Our Master Deed includes language (see below) which means that the right of first refusal does not apply in the case of a foreclosure, etc. I don't know if that makes banks more comfortable. The entire Master Deed is at our web site, for anyone who wants to peruse it. In addition, we have language which says "1. the right to purchase is exercisable only as a means of insuring owner-occupancy of the Unit that is being sold, or for some other valid purpose that serves the best interest of the Association and its members;" plus "Moreover, such right shall not be exercised so as to restrict alienation, conveyance, sale, leasing, purchase, ownership or occupancy of units because of race, creed, color, national origin, sex, age or sexual preference." Also, we have the right to assign our right to purchase, so in practice we would most likely have someone on our waiting list purchase the unit as opposed to the Association doing so. My interpretation of our current policy does not allow a bidding war once the owner has agreed on a price and conditions. There are those who either disagree or think it should be changed, saying that that's not how real estate deals work. I include our current policy below, as well. <snip>
- Re: Right of First Refusal, (continued)
- Re: Right of First Refusal Dave and Diane, October 13 2006
- Re: right of first refusal Mac Thomson, October 15 2006
- Re: right of first refusal David Heimann, August 14 2010
- Re: right of first refusal Sharon Villines, August 14 2010
Re: right of first refusal David Heimann, August 15 2010
- Re: right of first refusal Sharon Villines, August 15 2010
- Re: right of first refusal evdavwes, August 16 2010
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