Cohousing-L Mailing List: Re: Transfer fee when a unit turns over

[Kathleen Nolan (kathleenhnolan]

On Wed, Mar 31, 2021 at 3:39 PM Sharon Villines via Cohousing-L <
cohousing-l [at] cohousing.org> wrote:

> > On Mar 30, 2021, at 9:56 PM, Patricia Lautner <lautnerp [at] gmail.com>
> wrote:
> >
> > Do any of the communities on this list have either a transfer fee written
> > into your condo docs where a seller is obligated to pay back to
> > the community a percentage of the sale price when they leave the
> community,
> > or have a gifting culture where a large gift gets made when a cohousing
> > unit sells?
>
> Our resales and rental pod organized themselves in 2013-14 when it became
> clear that a number of units would be turning over in the next year or so.
> They designed a schedule of tours and orientations so we have a list of
> waiting people who have been oriented at a basic level.
>
> As part of that process, they explain to the owners that the work they do
> would cost them 7% of the sales price if they had to hire a real estate
> agent. since that amount on selling units would be in range
> $28,000-$38,000. As a result everyone (I think maybe one didn’t) has given
> several thousand dollars to the special projects fund $5,000-$15,000.
>
> Over the last 6 years that has added up to $100,000+, so we actually have
> a capital improvements and special projects fund.
>
> The donation is very nice and helps with the feelings of loss when people
> leave — we feel appreciated not just abandoned. And it is a recognition
> that the amount they received in exchange for their unit resulted from the
> work of all of us. The improvements we have made and the financial
> stability of the community is the work of everyone. And integrating new
> owners is a lot of work that is left for us to do.
>
> We were not able to even get a discussion on establishing Transfer Fee
> Policy of 1% or 2%.
>
> Sharon
> ----
> Sharon Villines
> Takoma Village Cohousing, Washington DC
> http://www.takomavillage.org
>
>
>
>
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> --
~ from Kathleen
KathleenHNolan [at] gmail.com