|Re: Right of first refusal||<– Date –> <– Thread –>|
|From: Julie Gallagher (jgall63gmail.com)|
|Date: Wed, 8 Mar 2017 09:01:24 -0800 (PST)|
At Cantine's Island Cohousing, we have a 45-day Right of First Refusal in our by-laws. We also developed a written process for how it's applied, specifying when it's triggered (when the HOA is notified that the owner has a contract to sell). The ROFR is the only restriction in the by-laws on the sale of a home, so in practice it's used as our "screening" of a prospective member. The Membership Committee interviews the buyer and reviews his or her answers on our questionnaire, and makes a recommendation to the HOA on whether to exercise or waive the ROFR. There's a difference of opinion in the community on whether the ROFR has any "teeth," since the community does not have the funds to purchase a home and we usually do not have a waiting list of other interested buyers. Theoretically the community could obtain a bank loan to buy a home, but we've been told this would require some individual homeowners to co-sign the loan. Nevertheless, we take the ROFR process seriously when a home is sold. In some cases the buyer and/or lender may require a written notification that the ROFR was waived, so we always provide a written letter to that effect. Julie Gallagher Canine's Island Cohousing Saugerties, NY On Wed, Mar 8, 2017 at 11:44 AM, <marcia.carlson [at] gmail.com> wrote: > > At Columbia Ecovillage, an HOA Right of First Refusal is written into our > Bylaws, along with the ability of the Board to assign that right to an > existing owner. We have exercised it once in our 8 year history. On that > occasion, the Board assigned the RoFR to an existing owner, with an > agreement that the purchasing owner cover the legal costs incurred by the > HOA Board in exercising the Right. > > We do not (yet) have a "right of first purchase" written into either our > community agreements or our Bylaws, even though such a policy could have > avoided the challenges we faced in exercising the Right and would likely > have been beneficial to all concerned. It's worth noting that in Oregon, > and perhaps other states, such a condominium "right of first purchase" is > legally moot or may be prohibited by state law. It could risk constituting > a "restrain on alienation" (legalize for interference with an owner's right > to sell their property). Legal advice would be wise before going that > route. > > Marcia Carlson > Columbia Ecovillage > Portland, OR 97218 > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://www.cohousing.org/cohousing-L/ > > >
- Right of First Refusal, (continued)
- Re: Right of first refusal Jude Foster, March 9 2017
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