Cohousing-L Mailing List: Financial obligations for construction costs

[Richard L. Kohlhaas (rlkohl]

We are very close to start of construction and are dealing with selecting 
options (upgraded flooring, hydronic heat, finished basements, etc.) ,and with 
the wording of our Purchase & Sale Agreement.  Our developer has recommended 
that we require, at the time of construction start,  a downpayment of at least 
5% of the total price, or the total price of the selected options, whichever is 
greater.  They also recommend wording in the Agreement such that if a buyer 
later backs out  of the contract, that up to the total price of the selected 
options be forfeited, unless a subsequent buyer can be found willing to 
purchase those options.  The idea behind this is to protect the group from 
extra costs.  

How have other cohousing communities dealt with this issue?



  

 
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Dick Kohlhaas <rlkohl [at] earthlink.net>
Colorado Springs (Colorado) Cohousing Community (Casa Verde Commons)
(Currently 29 intending owner families; we own a 4.7 acre property 1.5 miles
from downtown where we plan to build 34 units; starting construction 
Summer 2001.  Visit us at http://www.colospringscohousing.com)
   
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