Cohousing-L Mailing List: Re: A question about resold units

[Shari Hirst (sharihirst13]

Thank you.  Shari

-----Original Message----- 
From: Lautner, Patricia
Sent: Tuesday, November 20, 2012 5:51 AM
To: 'Cohousing-L'
Subject: Re: [C-L]_ A question about resold units


We have a transfer fee written into our by-laws.  We've never evoked this 
fee because it only applies when a unit makes a substantial gain over their 
original purchase price.  It think it's written that, if the unit sells for 
20% higher than the original purchase price, the community will get 1% of 
the amount over 20%.  This makes the fee more symbolic than anything.  The 
probability of any real money being gained these days is small.  We wrote 
this policy at the height of the housing market where some members had 
earned double what they paid for their homes prior to moving into community, 
so that money seemed real back then.

A word of warning though, the Fair Housing Commission sited the transfer fee 
as one of the reasons they denied us certification.

Patti
JPCohousing, Boston.

-----Original Message-----
From: Shari Hirst [mailto:sharihirst13 [at] gmail.com]
Sent: Monday, November 19, 2012 11:35 PM
To: Cohousing-L
Subject: [C-L]_ A question about resold units


ElderGrace is now Sand River Cohousing.  We decided a more upbeat name was 
needed for active Seniors.

Our by-laws state that when a unit is resold, a Transfer Fee can be assessed 
to the new owner.  This fee goes to the Reserve Fund.  I would like to know 
if other communities have this in their by-laws, and if they do, what do 
they charge.

We are in New Mexico, but I was told that this Transfer Fee was in the 
by-laws of other states.

Any feed back is appreciated.

Shari Hirst
sharihirst13 [at] gmail.com
Sand River Cohousing
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