Post-purchase workflow

Post-purchase roles and responsibilities

We have a clear description of roles and responsibilities needed in the months after taking ownership of the property to ensure that we correctly fullfill the obligations that come with buying property and taking on a mortgage.

Initial post-purchase budget

We are agreed on a monthly budget describing post-purchase costs, including servicing the mortgage, rates and other mandatory ongoing costs.

Initial resident selection process

We are agreed on the process and criteria for the selection of initial residents in a way that we believe will allow us to fill the house with participants.

Participant financial commitments post-purchase

We have a list of financial commitements from participants which give us confidence that we can handle the post-purchase budget, or we have cash on hand and agreement to spend it to cover the budget.

Participant role commitments post-purchase

We have participants committed to covering at least all of the mandatory roles for first 6 months after purchase.

First 6 months risk assessment

We have a list of risks that could occur that might threaten the collective and it’s ownership of the property in the first six months, with mitigation strategies listed for each risk where possible.