Cohousing-L Mailing List: Legal structure for ownership of common facilities

[Jerry McIntire (jerry.mcintire]

We've started talking with attorneys as we plan for development and I was
asked this question:

Will the LLC continue to exist after selling the individual lots, retaining
ownership of the common elements? I have assumed it would not, that it
would dissolve and the HOA would own the common land and facilities, with
each of the lot owners being part of the HOA.

Where does ownership of the common elements reside? Does each lot owner own
a percentage, and the HOA simply manages, or does the HOA hold ownership?

Perhaps these questions will be answered if we find an experienced
attorney. Does anyone know of an attorney with cohousing experience who is
licensed to practice in Wisconsin?

Thanks,

Jerry

Jerry McIntire
Stone's Throw Ecovillage, in the heart of Wisconsin's beautiful Driftless
region
http://stonesthrowcommunity.wordpress.com/
1-608-637-6620