Cloister Ownership “Fee Simple” and Confused Old Ladies

In 2008 the state of Tennessee passed The Tennessee Condominium Act. This act set the legal ground rules for condominium sales, association rules and ownership. This is a copy of the act:

The Catholic Dioceses and Cloister Home Owners Association reached an agreement within the new law which allowed new owners to obtain a mortgage and title insurance when they bought a Cloister Condominium. The former leasehold arrangement made sale of a Cloister Condo nearly impossible as the future life of the individual condo leases became shorter than 30 years.

A small group of mostly confused old ladies, apparently frightened of any change in their lives, objected to the purchase arrangement and declined to purchase “Fee Simple” ownership. They were advised that the cost of ownership would increase over time. So far it has increased from $12,000 to $14,000 and will continue to increase according to the notices we have been given from the Catholic Dioceses.

Recently we have seen news coverage in both The Tennessean and The West Side News. Here are what appear to me to be the real facts. (I have bought the Fee Simple ownership and am familiar with the situation. I feel I have made a good investment.)FeeSimpleNews2FeeSimpleNews1

Rochford Construction has built nearly identical communities in Bellevue, Franklin, Columbia, Murfreesboro, Williamson County and Mt Juliet. Mr Rochford knows what he is talking about.

3 thoughts on “Cloister Ownership “Fee Simple” and Confused Old Ladies

  1. Pingback: Top 10 “Cloister Living” Posts | Cloister Living

  2. In one of the newspaper articles was a comment regarding raising the cost of the Cloister’s property taxes. Are seniors aware that our property taxes can be frozen based on our income. Check the notice included with your property tax notices.
    Although my property taxes were cut in half last year due to my income, this year I was able to freeze the amount at this year’s property tax rate — which actually turned out to be lower than the amount of taxation last year.

  3. Pete, right on, the assessed value of each unit for land is $30,000. Someone is certainly confused if they can’t figure out the first offering of $12,000 was a great deal. This is the first time that residents have a choice to own 1/240 of the Cloister and eventually the Cloister Owners Association will own the whole parcel I understand the frustration if a resident can’t afford to purchase the fee simple, but they have themselves to blame for not either, reading the COA documents and/or their realtor for not explaining the land lease situation, or the buyer not understanding what it meant.

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