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Fwd: Timing of Toiora Cohousing units settlement
by Alex King 01 Dec '20

01 Dec '20

Here is the response from our lawyer to the questions I sent. You don't necessarily need to read it all, but here are some of the key points: * If all goes well with the build we may be able to settle in early February, but it depends on everyone's lawyers (and banks if you are getting a mortgate) to work in with the timing. * If your solicitor or bank has been asking for the S&P agreement signed by UCOL, please get them to ask MacMillan directly for this. * Simon is advising against use of the units before settlement. This is something we may need to meet with him to discuss. -------- Forwarded Message -------- Subject: RE: Timing of Toiora Cohousing units settlement Date: Mon, 30 Nov 2020 01:16:01 +0000 From: Simon Milne <simon(a)mcmillanco.nz> To: Alex King <alex(a)king.net.nz> CC: UCOL Directors <ucol-directors(a)list.king.net.nz> Hi Alex, Thank you for your email below and plaese see my comments in blue below. Thanks Regards Simon Simon Milne PARTNER AND NOTARY PUBLIC McMillan&Co. LAWYERS ˑ MEDIATORS ˑ NOTARY PUBLIC Level 5, Forsyth Barr House, 165 Stuart Street, The Octagon , Dunedin 9016; PO Box 5547, Dunedin 9054 P *+64 3 477 2238* <tel:+64%203%20477%202238> | M *021 729324* <tel:021%20729324> | F *+64 3 474 5588* <fax:+64%203%20474%205588> | *simon(a)mcmillanco.nz* <mailto:simon@mcmillanco.nz> | *www.mcmillanco.nz* <http://www.mcmillanco.nz/> Disclaimer: The information in this email is confidential and may be legally privileged. If you are not the intended recipient, please respect this and notify the sender immediately by telephone. Please also destroy this email. Thank you. CHRISTMAS HOURS McMillan&Co. will be closed for the Christmas period from Midday, Wednesday, 23 December 2020, with normal office hours resuming Monday, 18 January 2021. *From:*Alex King <alex(a)king.net.nz> *Sent:* Monday, 23 November 2020 11:21 AM *To:* Simon Milne <simon(a)mcmillanco.nz> *Cc:* UCOL Directors <ucol-directors(a)list.king.net.nz> *Subject:* Timing of Toiora Cohousing units settlement Dear Simon, I am writing to give you an idea of some of our current thinking regarding the project. I ask a few questions in my text below. Hopefully they are straightforward, but let us know if they are complex and a meeting would be a more efficient? Timing of settlement Our S&P agreements (clause 23 in further terms) state settlement will take place on the 10th working day after the later of notice of title and code of compliance are issued. But this may be varied by agreement. Contractually, the builders have until late February to complete the project, but indications from the build are that the work will be largely finished prior to Christmas. Should building be successfully completed then and Code of Compliance be issued without problems, we would like to be in a position to settle according to the following programme: * Buildings complete on 24th December. * Apply for Code of Compliance by 4th January * Draft a S&P amendment for a Friday, 5th February settlement date on 20th January * Confirm CoC and title are issued/available on 3rd of February * Settlement 5th February. Our project manager assures us that the documentation required for code compliance is relatively straightforward. We plan to have a followup meeting with our planner to refresh our understanding of our resource consent conditions, in case anything remains that may hold up subdivision approval. (We are meeting onsite at midday 25th November). We also plan to check with the surveyor to check progress on the subdivision. Assuming a successful build completion by December 24th and Code of compliance issued by 3rd February, is this a realistic timetable to enable issue of title and a 5th of February settlement? Yes this timetable is possibly realistic but it obviously depends upon timing of a number of different factors as you have noted above. Therefore at this stage we cannot give any guarantees around the timeframes you are suggesting. The reason for having a 10 day settlement timeframe after issue of the CCC and the Titles is to enable purchasers through their solicitors time to organise themselves for settlement which will usually also require obtaining loan documents from their bank etc. Some purchasers may be able to settle earlier than the 10 working day timeframe others may require all of that time. My suggestion is that once we are in a position to be able to give the 10 working day notice of settlement we then invite any purchasers via their solicitors to settle earlier if they are in a position to do so. Purchasers' issues raising mortgages Some of our purchasers' banks have raised the following points when approached for mortgages: * Title doesn't exist... we are assuring them it is well underway and title will be issued before the mortgage is required. Yes correct – as noted above once Titles issue that will enable purchasers to then provide their bank with a copy of the new Title and will enable their bank to issue loan instructions. All banks are aware of this process when it is a development/subdivision where new titles are to issue. * One bank (at least) is concerned about ongoing liability under shareholders' guarantee of the construction loan. It may be that we require some kind of release from this agreement at settlement, we will keep talking to the banks about this. Yes we would envisage that this guarantee could be released on settlement which is when the Kiwibank loan will be repaid ( from the sale proceeds of all 24 Units). * Purchasers' solicitors have noted they don't have copies of the S&P agreement signed by the vendor. Could you please arrange for these to be forwarded (this would be normal practice I expect?) Please note that most if not all of the purchasers solicitors should already be holding a signed copy of the Agreement. We have had a request from one solicitor for a copy of the signed Agreement which we have provided and if any other purchasers solicitors request a copy we can easily provide that. Use of development prior to settlement The directors and group are keen to allow prospective purchasers to use their units after building completion but prior to settlement for the following purposes: * Storage of household items * (for some people) renting/living in the units, and particularly if settlement is delayed beyond 8th February. We would require a legal agreement, perhaps a standard residential tenancy agreement, to set out expectations and particularly liability for damage. We would want the purchaser to agree that any damage occurring to the property as a result of the tenancy would not be a reason not to settle, and also if the purchaser fails to settle, they would be liable to fix any such damage. We don't need this drafted yet, but would instruct you next year should it be needed. We would also communicate with Kiwibank who have an interest in our property before letting it. I would not recommend allowing purchasers occupation prior to settlement being completed as this can be problematic. It can cause issues around insurance, will likely be an issue for Kiwibank, could be an issue for contractors who may need access to complete last minute works in order for the CCC to issue. If any purchaser was desperately requiring to move in or store items prior to settlement then yes this could be dealt with by way of a temporary residential tenancy but I would not recommend that as an option available to purchasers. It would be far cleaner if settlement ( and possession) is given on the settlement date which is when settlement funds are received. Insurance and timing of commencement of Body Corporate We require insurance from the date of building completion, when the building insurance lapses. Our broker indicates the insurance company will cover us from that date under the same policy that the body corporate will have once we move in. Yes correct and noted. Assuming the timeline above, what is the likely date of the deposit of plan under section 17 of the unit titles act, when the body corporate will come into existence? Is that likely before or after completion of the build? The plan will deposit prior to completion of the build. It will be a matter of you liaising with the builders and your insurer as to exactly when your insurance needs to be put into place and the building insurance lapses. If the body corporate is not formed before completion of the build, the company (UCOL) will take up the insurance in the first instance and transfer it to the body corporate at a later date. Yes correct and noted. Thank you for your consideration. Yours sincerely, Alex King, Director, UCOL

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Fwd: Common House Items - left over to Trademe or a Good house.
by Juan Puricelli 01 Dec '20

01 Dec '20

Hi all (note that I would have send this to Chat list but I couldn't make it work) Excellent day yesterday although daunting as normally it is with getting rid/store Old things , but again another big tick for all of us. We managed to store a lot of things, so good on us!! I mentioned yesterday while we were storing / dumping stuff that I was going to share photos of things I will put on trademe just in case anyone wants it. 1- OLD ( apparently some will be or are discontinued) LIGHTING from the school & the exit sign 2- HOOKS/COAT HANGERS on a long piece of wood. there are 3-4 of these but the idea is to remove all hooks and keep them in case we need them later. Timber can be claimed for individuals if they are keen to use them. NOTE: we have already stored and kept 6-8 1m (+/-) long pieces with hooks for the common area. 3- Also there is some good timer from the old steps that I will try to keep it in my garage until we move to the cohousing, unless people say we don't want this. Contact me this week to arrange or otherwise it goes somewhere else (e.g trademe ) . Regards, Juan Puricelli Director cel. +64 (022) 6585021 ________________________________________ SUR ARCHITECTURE www.sur-architecture.com

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FYI
by High Street Cohousing 01 Dec '20

01 Dec '20

Notd on recent communication from our lawyers: *CHRISTMAS HOURS * McMillan&Co. will be closed for the Christmas period from *Midday, Wednesday, 23 December 2020*, with normal office hours resuming *Monday, 18 January 2021*.

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Toiora Agreement - delay
by Warren Hurley 01 Dec '20

01 Dec '20

Hi everyone, An important meeting has turned up for me on Thursday evening which means that I can't make it to our regular meeting, Can we please delay Toiora Agreement discussions for one week? TIA Warren

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Re: [Ucol-shareholders] A2 Working Group Report
by Y Lee 01 Dec '20

01 Dec '20

Please have a read of this before the next meeting as we need to make some fast decisions if we choose to sell A2 ourselves. Regards Min

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Prospective buyers/renters - Invitation to collaborate
by High Street Cohousing (via Google Drive) 30 Nov '20

30 Nov '20

I've shared an item with you: Prospective buyers/renters https://drive.google.com/drive/folders/1dzKCw1z7WabMLH2StvL_igO8WEPL6gEk?us… It's not an attachment – it's stored online. To open this item, just click the link above. I am putting the responses from people who were at the induction workshop on 22nd into this folder, for anyone who wants to have a look at them.

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IMPORTANT: New loans to UCOL before settlement
by High St Cohousing 28 Nov '20

28 Nov '20

Hello everybody. I need to report to Kiwiabank with an indication of possible new loans that will come from shareholders in the coming months. If you are intending to *increase your loan to UCOL before settlement*, can you please get back to me with an indication of the amount and timeframe. As you know this will affect how much we'll need to borrow for the remaining of the project and therefore how much interest we'll need to pay. The sooner that I receive this information the better so I can get this underway. I will also report to Directors. Many thanks, Maria -- *Maria Callau* *TOIORA* High Street Cohousing UCOL Member and Project Coordinator 0211847490

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Fwd: [C-L]_ cohousing premium?
by Jan Burch 27 Nov '20

27 Nov '20

FYI There's been some discussion in the cohousing email list recently about whether units in cohousing communities sell at a premium. In USA they don't. This response left me feeling so grateful to all our "founding members" and gave me such a rush of gratitude for the situation we now find ourselves in as the first owners of Toiora cohousing, that I wanted to share it so everyone could also get the buzz of happiness that comes with reflecting on how lucky we have been with our project. Jan ---------- Forwarded message --------- From: Diana Carroll <dianaecarroll(a)gmail.com> Date: Sat, 28 Nov 2020, 5:54 AM Subject: Re: [C-L]_ cohousing premium? To: Dick Margulis <dick(a)dmargulis.com> Cc: Cohousing-L <cohousing-l(a)cohousing.org> Appraisals ARE based on selling price. That's what they are: a prediction of selling price. And if you DO list it above appraised value, and you DO get a buyer at the inflated price...they won't be able to get a mortgage, because mortgages are limited by appraised value. We've had several owners put their homes up for sale. When deciding how much to sell it for, they typically either get it professionally appraised by an appraiser or real estate agent, or do their own informal appraisal by looking at comparables. If there is a selling premium (such as if an individual buyer is really set on cohousing and this is the only cohousing home for sale in the area), it isn't anywhere *near *$100,000. $10k maybe? But no, I don't really think there is any appreciable difference in price in our area (Central MA). If you are talking about initial prices for founding members...well, that's a wildly different story and has so many variables, there's no way to give any rule of thumb. It's amazing the price which our founding members (including me) were willing to pay...maybe 30% above equivalent units. But that was because we'd all sunk *soooooo *much money into the project (never mind time, energy, heart, soul and dreams) that we couldn't walk away. The prices were never aimed to be 30% higher, but construction costs grow as happens on pretty much every project ever. We weren't helped by the fact that comparable prices were dropping like crazy because we went "online" in 2008. I paid $525,000 for a unit that was only worth about $300k on the day I bought it, and now is worth only about $400k. It's not happy-making. Diana (Mosaic Commons) On Fri, Nov 27, 2020 at 11:40 AM Dick Margulis <dick(a)dmargulis.com> wrote: > Diana, > > Thanks for your response. I'm sorry that I didn't state my question > clearly. > > My question is about the difference in selling price, not the difference > in appraised value. > > In other words, if I see a cohousing unit listed for sale for $600K, > would a similar-size conventional condo nearby also be listed for $600K, > or would it likely be, say, $500K? > > Dick > > On 11/27/2020 11:23 AM, Diana Carroll wrote: > > No premium. I've worked with zillions of appraisers now and they don't > care > > at all. It's all about the square footage and number of bedrooms, and > maybe > > a really small premium for having more amenities, but for all the > > intangible benefits of cohousing? Nada. AND if you add in the fact that > > most cohousing units are smaller than corresponding conventional > > units...cohousing is kind of a minus on the appraisal front. > > > > > > > > On Fri, Nov 27, 2020 at 10:09 AM Dick Margulis <dick(a)dmargulis.com> > wrote: > > > >> If you are looking at a cohousing unit and at a comparable non-cohousing > >> condo, what is the average premium for the cohousing unit? > >> > >> Has anyone studied this question and come up with a US average? > >> > >> Lacking that, if anyone has done this exercise for their own community, > >> would you please comment? > >> > >> Thanks, > >> > >> Dick Margulis > >> Rocky Corner > >> Bethany CT > > > _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://L.cohousing.org/info

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Draft notes from 26 Nov meeting: Alert! WORKING BEE
by Jan Burch 27 Nov '20

27 Nov '20

*Working Bee: Saturday 28 November 10am* will be a weeding session with entry through Montpellier gate. *Tues 1 December, 6pm* ... you'll have to open the attachment to find out more about that one :-) Any errors or omissions please email me and I'll endeavour to get a corrected version out to everyone on Monday. Thanks Jan

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Re: [Ucol-shareholders] Toiora Body Corp Rules v8 for Lawyers to review
by Y Lee 27 Nov '20

27 Nov '20

As Attached Regards Min

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