Letter to Residents Selling Their Unit
Dear [resident name],
Thank you for all of the contributions you have made over the years you have lived at Wasatch Commons.
Below is some information we send to everyone who is selling their home at Wasatch Commons. If you use a realtor, please pass this on to them so they can help us find occupants that know that Wasatch Commons is a cohousing community before they move in.
For more detailed information, we also include our latest Condominium Declaration & Bylaws (attached), filed in August of 2019. Article references and page numbers are taken from these governing documents.
Prospective Purchaser Information
In Article XI, Section (b), page 26, information is provided for prospective purchasers. It states:
Potential new residents shall, before purchasing a unit, understand the operation of the Condominium Project. In addition, Management Committee requires that any prospective purchaser, before executing a purchase agreement for a unit, meet with the Management Committee or its designee, tour the Condominium Project and receive information concerning the operation of the Condominium Project and the obligations of being a member of the Wasatch Commons Homeowners’ Association.
Welcoming Committee Recommendations
Management’s current designee for educating potential residents is the Welcoming Committee. As stated above, a prospective buyer is required to have a tour of the Community (Please contact Welcoming Committee) and encouraged to attend four meetings before buying. The following meetings are recommended:
- Cafe (informal breakfast) on specified Saturdays from 9:00 - 10:00 am
- Potluck meals on Wednesday at 12:30 pm and Sundays at 6:00 pm in the Common House
- All-Community Meetings (ACM) on the 2nd Wednesday of each month at 7:00 pm and the 4th Sunday of each month at 3:00 pm of each month in the Common House (or over Zoom)
- Management Meeting every 1st and 3rd Monday of the month at 6:00 pm in the Common House (or over Zoom)
- Other social or work parties
Other Obligations When Changing Unit Ownership
Please also note the following in Article XI, Section (b), page 27:
At least two weeks before closing of the sale or other transfer of a Unit, the Owner of that Unit shall notify the Management Committee in writing of 1) the Unit being sold; 2) the name and address of the purchaser, the closing agent, and the title insurance company insuring the purchaser's interest; and 3) the expected closing date. The Management Committee shall have the right to notify the purchaser, the title insurance company, and the closing agent of the amount of unpaid assessments and any other charges, fines, costs, and/or fees outstanding against the Unit, whether or not such information is requested. Promptly upon the conveyance of a Unit, the new Unit Owner shall notify the Association of the date of the conveyance and of that Unit Owner's name and address.
Personal Participation
In addition, Article I, Section 18, page 12 is a section prospective buyers should understand:
Wasatch Commons values community interactions and requires each adult resident to participate personally in the maintenance and shaping of the community. If such participation is not forthcoming, the Association has the option to impose monetary fines on the owners of the Units where the non-participating individuals reside. The amount and scope of participation activities and the level of these fines must be defined in the Bylaws. It cannot be more than three times the minimum wage per hour of work not performed. Such fines are subject to a monthly cap, and the recipients of these fines have the rights to appeal as defined in Section 57-8-37 of the Utah Condominium Ownership Act, Utah Code Annotated Title 57, Chapter 8.
Reinvestment Fee
Wasatch Commons charges a reinvestment fee of $500 at closing of a new sale.
Rental Regulations
Information about rental regulations is contained in Article VIII, Section f), Page 20:
Newly purchased units cannot be rented to new tenants until being occupied by the new owner for 2 years.
We hope this information will be helpful. Management and Welcoming stand ready to assist you in any way we can. Please let us know if you have questions.
Contact Info
Please have prospective buyers contact the Welcoming Committee at wacoho-welcome@googlegroups.com.
Any questions from realtors or title companies should be sent to wasatchcommons@gmail.com.
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