Cohousing-L Mailing List: Selling an inherited cohousing home

[lewbowers155 (lewbowers155]

PDX Commons has offered our members the following document, which they can
append to their will:

 

Notes on

Advisory Instructions to Executor/Heirs/Trustee on the Sale of my/our PDX
Commons Home

 

Recognizing that many, if not all of us, are subject to unpredictable
mortality, it seemed like a good plan to offer instructions to our heirs to
assist them in selling our PDXC Commons Condominiums, given that we have
expectations about "the good of the community" that make this more than just
another real estate deal.

What follows is one possible avenue - written advance instructions to heirs
- in order to help them navigate the sale of our homes should we be unable
to assist with that process.

This is NOT A LEGAL DOCUMENT - advisory, but not legally binding.  It simply
gives instructions on what to do, who to approach for help, how to avoid
problems, how to make decisions that further the community.

The idea is that we can (as we wish) use/edit/modify these instructions to
come up with something that works for you and your heirs.  Although some of
us think doing this is an excellent idea that protects the community, not
everyone may appreciate this kind of written instructions as a tool to
assist our heirs.  It is NOT MANDATORY to use it or anything like it.

Do consider, though, whether these advisory instructions might be helpful to
those who survive you.  Consider editing it to your personal satisfaction
and running it by them to see what they think.  It if works, store a copy
with your important documents (especially those relevant after your death,
like your estate plan or will) and give one to whoever will execute your
estate upon your death.

Like an Advance Directive for healthcare, these instructions will be much
more effective if discussed in person - out loud with actual spoken words -
while you are still able to do so before storing written copies in your
files.

 

 




 

Advisory Instructions to Executor/Heirs/Trustee on the Sale of my/our PDX
Commons Home

I/I/we are writing this set of instructions so that you know how I/we would
like you to sell my/our PDX Commons home after my/our death.  While the
condominium is real estate and sold as such, it is also so much more than
just a piece of real estate, and I/we have wishes that I/we hope you will
respect as you proceed to sell it.

1.      First and foremost, PDX Commons is an intentional cohousing
community - I/we choose to live together, make decisions together, play and
work together, eat together.  I/we are important to each other, and it
matters who joins the community. My/our greatest value is that the buyer(s)
of my/our home is someone who understands what it means to live in
intentional community and is able and willing to offer energy and skills to
the PDXC community. My/Our primary wish is that the good of the community
comes first in a sales decision.

 

2.      PDX Commons has a process for re-selling my/our homes and I/we ask
that you respect it.  There are people within the community who can assist
you in understanding and following the process (see specific names below)
and you will find, attached to these instructions, a simple graphic that
explains it.  I/we suggest that you consult with these advisors within the
community for assistance in securing an appraisal in order to set an optimal
asking price for the condominium. 

 

3.      If at all possible, please try to sell the condominium within the
PDX community (current residents and Wait Lists). Importantly, you should
know that PDX Commons HOA has the right of first offer, after which the
right of offer is opened to current residents of PDX Commons, followed by
the Priority Wait List and Wait List.  It's up to you to choose what offer
you accept, but again, I/we urge you to find a buyer who both will offer a
fair price and strongly desires to become an integral part of this
intentional community.

 

NOTE:  If the condominium is sold through the PDX Commons community
(residents or Wait List) and no real estate agent is required, I/we request
that you offer back to the HOA 1%-2% of the selling price to compensate the
community for finding a buyer.

 

4.      If it becomes necessary to open the sale to the public (no
reasonable offers from within the community or Wait Lists), please consult
with the advisors I/we have suggested to help you find a suitable buyer.
They will have ideas about how to promote the sale within the national
cohousing community.

 

5.      Any potential buyer who is not already very familiar with PDX
Commons will be asked to participate in a thorough orientation to the
community (which will be arranged through the Outreach Committee), including
reviewing community policies and agreements, to ensure complete
understanding of the benefits/responsibilities of living in PDX Commons.  

 

6.      Note that PDX Commons is a 55+ community, which means that at least
80% of my/our homes must have one or more occupants who 55 year or over.
That is the demographic you are seeking, though it could be possible to sell
to someone under 55 - check with my/our PDX Commons advisors.

PDX Commons has been such an important and meaningful part of my/our lives -
I/we want it to continue to flourish in the decades to come.  Intentional
community only thrives if its members are invested in making it work.  In
order to maintain that investment, my/our ask is that you do your best to
make sure that current members of the community have priority in this sale
and that any new members of PDX Commons - whoever may buy my/our home from
outside of the community - are ready to jump in and become an active part of
the community with all due diligence done prior to the sale.

People at PDX Commons willing to assist/advise you as you proceed with this
sale:

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

THANK YOU for your help in following my/our wishes!  I/we are sorry not to
be there to help out.

_____________________________________
_________________________________

                       Signature
Signature

 

________________________
_____________________

            Date
Date

 

 

 

 

 

Other issues to consider:

*       Sell the unit and parking space together for best value and a
quicker sale (probably - may be exceptions). 
*       Be sure to pay monthly utility bills and HOA dues during the sale
period. If HOA dues are not paid, a lien will be filed and the estate will
end up accruing attorney's fees and other additional costs to resolve the
problem.  My/our advisors (above) will tell you how to pay the HOA dues, or
continue automatic payment via:
__________________________________________________

The electric bill comes from PGE - acct. #: _____________________

The natural gas bill comes from Northwest Natural - acct. #:
____________________________

Condominium is insured by
_______________________________________________________

____________________________________________________________________________
__