Cohousing-L Mailing List: Re: First right of refusal

[Mabel Liang (mliang]

>Couldn't a community put a covenant on all property requiring any sales to
>be only to people who have been accepted by the community? I dont know
much
>about covenants yet but will find out what can be done here.

Jed, the problem, at least as I'm familiar with it in the U.S., is that
banks want to protect their investments.  So they will be reluctant to
grant mortgages on housing that can't be sold to just anybody.  If they
have to foreclose on a unit for some reason, they want to be able to get
their money quickly.  Even if your entire group is in a position to pay
cash, I suspect that you don't want to limit the pool of future residents
that way.

                                   -- Mabel :-)

Mabel Liang
Cornerstone Cohousing
Cambridge, MA