Cohousing-L Mailing List: Re: LLC vs co-op?

[Craig Ragland (craigragland]

We at Songaia (38 people, 13 units, 11 acres in Seattle suburbs) also found
the coop legal structure to be very challenging to explain to potential
buyers... including ourselves. I think its safe to say that the "true
believers" among us were convinced that a coop was the best model from a
theoretical point of view... a values-driven point of view, but that the
practical realities of dealing with a coop just made it too hard for us.

On 5/6/06, Rob Sandelin <floriferous [at] msn.com> wrote:
> >From conversations with people at Songaia, and other larger communities
> it
> appears that it is very difficult (Ask Songaia about their adventures) in
> WA
> state to find a lender to hold your group mortgage as a coop. Finding a
> lender should be your first investigation, since they will be potentially
> the bottleneck and assuming you can find one, they may very well have some
> restrictions and other issues that might be important to understand before
> you make that choice.