Cohousing-L Mailing List: Re: Involvement in Closing of Home Sales

[Ann Zabaldo (zabaldo]

Hi Julie!

This is a very interesting post.  What is the underlying action that is 
producing these questions?

In a fee-simple or condominium sale of a unit of real estate no one has to be 
at the closing except the closing agent.  Neither the buyer or seller HAVE to 
be present.  In fact, the sale can be closed in escrow.  The buyer and seller 
have to have a telephone and a fax machine.  I’ve done this many times.   

If there are any fees due to third parties then the closing agent will make 
sure the money is disbursed to the parties.  This information has  to be in the 
contract.

I cannot see a reason that a sales contract would have language regarding 
joining the community.  It might contain contingencies for joining the 
community e.g. attend x number of meetings or participate in workdays or 
something like that before the sale can proceed.

PS — in fee simple ownership the owner owns both the land and the improvements 
(e.g. house.)  So a single family detached home on a 1/8 acre of land in which 
the land is also owned by the owner is feel simple ownership.

In Condominium ownership, the owner owns some part of the building usually from 
the walls in and shares ownership of everything else.  The monthly HoA Dues go 
for paying for shared costs e.g. roof.   However, you can also have a Fee 
Simple Townhome in which the owner is responsible for EVERYTHING in the home 
both exterior and interior.


Best --

Ann Zabaldo
Takoma Village Cohousing
Washington, DC
Principal, Cohousing Collaborative, LLC
Falls Church, VA
202.546.4654

As long as you have two or fewer … your ducks are always in a row.  The Covert 
Comic



> On Jun 12, 2017, at 11:31 AM, Julie Gallagher <jgall63 [at] gmail.com> wrote:
> 
> 
> Does a representative of your community attend the closings of home sales
> when a current resident is selling to a new owner? If so, what is his/her
> role? If the current owner owes a flip tax (or other term for a share of
> profit that goes to the community), presumably a community representative
> attends to receive the check, if paid at the closing. Anything else?
> Related question: does the community review the sale contract to make sure
> it contains appropriate language for joining the community?
> 
> Julie Gallagher
> Cantine's Island Cohousing
> Saugerties, NY
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