|Re: A question about resold units||<– Date –> <– Thread –>|
|From: Lautner, Patricia (Patricia.Lautnerumassmed.edu)|
|Date: Tue, 20 Nov 2012 04:52:01 -0800 (PST)|
We have a transfer fee written into our by-laws. We've never evoked this fee because it only applies when a unit makes a substantial gain over their original purchase price. It think it's written that, if the unit sells for 20% higher than the original purchase price, the community will get 1% of the amount over 20%. This makes the fee more symbolic than anything. The probability of any real money being gained these days is small. We wrote this policy at the height of the housing market where some members had earned double what they paid for their homes prior to moving into community, so that money seemed real back then. A word of warning though, the Fair Housing Commission sited the transfer fee as one of the reasons they denied us certification. Patti JPCohousing, Boston. -----Original Message----- From: Shari Hirst [mailto:sharihirst13 [at] gmail.com] Sent: Monday, November 19, 2012 11:35 PM To: Cohousing-L Subject: [C-L]_ A question about resold units ElderGrace is now Sand River Cohousing. We decided a more upbeat name was needed for active Seniors. Our by-laws state that when a unit is resold, a Transfer Fee can be assessed to the new owner. This fee goes to the Reserve Fund. I would like to know if other communities have this in their by-laws, and if they do, what do they charge. We are in New Mexico, but I was told that this Transfer Fee was in the by-laws of other states. Any feed back is appreciated. Shari Hirst sharihirst13 [at] gmail.com Sand River Cohousing _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
A question about resold units Shari Hirst, November 19 2012
- Re: A question about resold units Lautner, Patricia, November 20 2012
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