Cohousing-L Mailing List: RE: Owner Financing 43 Acre Sale to Co-Housing Group

[stuart (stuart]

Tony,

Not beinmg a lawyer, I really don't know all the ins and outs, but it
seems to me that a straight deed and morgtage would be best. you should
make provisions as to what happens if they default on the payments and
how the group is set-up as a legal entity.

My advice would be to check with a lawyer and have the group do the
same.

Stuart Joseph
Project Director, Caer Coburn
Rockingham VT
http://www.caercoburn.org

> -------- Original Message --------
> Subject: [C-L]_ Owner Financing 43 Acre Sale to Co-Housing Group
> From: "Tony Adrian" <nursingdata [at] msn.com>
> Date: Mon, January 09, 2006 8:12 am
> To: cohousing-l [at] cohousing.org
> 
> My wife and I purchased 43 acres of rural land for a small, core group of 
> individuals who are in the planning phase of creating co-housing. The group 
> created a legal entity (LLC I believe). The plan is we will sell the land to 
> the LLC as an owner financed deal with the LLC to pay us over 10 years with 
> interest. Our intention is not really driven by the profit margin but to 
> help these folks get started before the land prices in our area make it 
> impossible. We will own the land outright within the next 60 days.
> 
> Any ideas of how to structure the transaction and any realistic pitfalls 
> that both parties should consider would be greatly appreciated.
> 
> Tony
> 
> 
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