Cohousing-L Mailing List: Right of First Refusal

[mikearnott (mikearnott]

We have our right of first refusal such that a seller of a unit in our
community must first offer it to the community at the listed price. We
have 30 days to buy it or find a buyer from our list of associate members
or other friends. Then if no takers, it goes out on the market to the
general public. If there are no takers still and the price is lowered, it
goes back to the community and associate members for a second chance and
so on until sale. It is risky in that the person from the public may get
it and may not be someone we would want but we have no choice over that
matter. So far it has worked well we have had  2 units for sale and our
community has been in existance about 4 years I think now. 

We have had no problems with getting financing or meeting any other
requirements with this process.

Mary White
Cornerstone Cohousing
Cambridge, MA