|Developer Model of Co-housing||<– Date –> <– Thread –>|
|From: ï»¿Sue Ellen Hiers (ncdlfrontier.com)|
|Date: Thu, 3 Sep 2015 12:53:16 -0700 (PDT)|
Are there any best practices for the situation where one party (call this person the developer) owns the land? My heart wants to be a part of such a forming co-ho but my brain says too much is undefined for money to start changing hands. And what is defined is unsettling. In fact if I didn't know the developers I would not even consider it. How can lawyers/consultants/architects, represent both sides of this transaction? By that I mean the money changing hands will be used to add value to the land (zoning changes, etc) that the members have no title to. Should the non-developer members hire their own lawyers/consultants to represent their interest? Should liens be put on the land for the value added? How can the group be protected in the event of the developer's death or incapacity? This model of co-ho seems ripe for affinity fraud because it appears to be based only on trust. Again the owners of the land (who are not professional developers) are long time friends of mine so I am not suggesting there is any fraud here.I would like to know what others who have faced or are facing this model have done. Regards, Sue Ellen
- Developer Model of Co-housing ï»¿Sue Ellen Hiers, September 3 2015
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