Cohousing-L Mailing List: Re: Steps to buy a house directly from owner (no realtor involved)

[Sharon Villines (sharon]

On 10/08/2003 9:44 AM, "Fred H Olson" <fholson [at] cohousing.org> wrote:

> -we have heard that maybe we need to hire a real estate lawyer to make
> sure that all paperwork gets done properly. If anyone can give us the name
> of such a lawyer that they have used, that would be very helpful

I'm sure a lawyer will chime in but from one who has purchased several
houses and apartments of different kinds, NEVER make a major purchase like
this without a realtor and/or a lawyer involved. Cohousing units are just
like another real estate purchase -- the money is just as real and the
pitfalls just as deep. Your neighbors may be nicer, but you need a rational
mind out there who says wait -- What are the financial obligations? Is this
a fair price? Are all the legal documents in order? Do you really own this?

One of the things I liked about cohousing from the get go, as compared to
other cooperative ventures, was its recognition of the wisdom of standard
legal and financial practices. This doesn't mean that you can't be creative,
but get real. Buying real estate obligates you financially and legally and
is a personal risk of major proportions.

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

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