Cohousing-L Mailing List: Re: Right of First Refusal

[Sharon Villines (sharon]

On May 6, 2006, at 8:19 AM, Kelly Devine wrote:

> I understand this is a common way in cohousing
> to ensure some control over the membership in the community. We 
> recently
> learned that Fannie Mae and Freddie Mac prohibit right of first refusal
> clauses.

How did you learn this and what is the exact wording of the rumored 
prohibition?

We have it in our condo docs and I would recommend that every community 
have it. It isn't something you can always exercise (available funds, 
etc.) but it is the only way to protect yourself from a relationship 
gone bad (always have a prenup if property is involved!).

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