Re: Transfer fee when a unit turns over
From: Sharon Villines (sharonsharonvillines.com)
Date: Wed, 31 Mar 2021 15:39:28 -0700 (PDT)
> On Mar 30, 2021, at 9:56 PM, Patricia Lautner <lautnerp [at] gmail.com> wrote:
> 
> Do any of the communities on this list have either a transfer fee written
> into your condo docs where a seller is obligated to pay back to
> the community a percentage of the sale price when they leave the community,
> or have a gifting culture where a large gift gets made when a cohousing
> unit sells?

Our resales and rental pod organized themselves in 2013-14 when it became clear 
that a number of units would be turning over in the next year or so. They 
designed a schedule of tours and orientations so we have a list of waiting 
people who have been oriented at a basic level. 

As part of that process, they explain to the owners that the work they do would 
cost them 7% of the sales price if they had to hire a real estate agent. since 
that amount on selling units would be in range $28,000-$38,000. As a result 
everyone (I think maybe one didn’t) has given several thousand dollars to the 
special projects fund $5,000-$15,000. 

Over the last 6 years that has added up to $100,000+, so we actually have a 
capital improvements and special projects fund.

The donation is very nice and helps with the feelings of loss when people leave 
— we feel appreciated not just abandoned. And it is a recognition that the 
amount they received in exchange for their unit resulted from the work of all 
of us. The improvements we have made and the financial stability of the 
community is the work of everyone. And integrating new owners is a lot of work 
that is left for us to do.

We were not able to even get a discussion on establishing Transfer Fee Policy 
of 1% or 2%.

Sharon
----
Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org




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