Cohousing-L Mailing List: Right of first refusal and waiting lists

[David Heimann (heimann]

Hello,

        In putting together our condo docs, we like many other communities
will have a right of first refusal, whereby the homeowners' association
can match an offer on a unit a member household is selling.  The question
has come up, however, with how to square that with the idea of having a
waiting list, which we have now during the development phase and probably
will have after move-in as well.  One reason to maintain a waiting list is
to have potential buyers who have gone through our "clearness" process and
have self-selected as interested and willing to become cohousers in our
community.

        The question -- Suppose a household wants to sell their unit.  The
household that's #1 on the waiting list offers $300,000 for it, the
household #2 on the list offers $310,000, and an external buyer offers
$325,000.  Assuming you have a right of first refusal and a waiting list,
who gets the right to buy the unit and for how much?  Assume the seller
had put the unit on the market for $330,000 but is willing to negotiate on
the price.

        Thank you very much.  I'm looking forward to seeing some of you on
the Massachusetts Cohousing Tour on October 2!

Regards,
David Heimann
JP Cohousing