Cohousing-L Mailing List: First right of refusal

[Kevin Wolf (kjwolf]

At 09:25 AM 10/01/99 -0500, Rob Sandelin wrote:
>When you are not dealing with actual titled property you are as free as you
>want to create conditions and membership criteria. Once you have titled
>property the game changes, and federal and state laws apply. Depending upon
>your legal ownership structure you can still maintain some control. If you
>go condo, probably the best you can get is right of first refusal, which is
>usually meaningless because the organization does not have the capital to
>purchase a unit anyway. Coops in most states can choose their members,
>that's one reason coops exist.

Rob
I believe a cohousing community (or any entity) can get a first right a
refusal and the opportunity to assign that first right to another party.
With this the community can create a waiting list of qualified individuals
who have the money and could qualify for the loan.  

Kevin