All Forum Posts by: Celena G.

Can anyone recommend a good real estate attorney in DC who is familiar with community land trust covenants? I’m trying to see if I can get out of one. I was “young and dumb” as they say, when I bought a condo tied to a land trust. I want to sell it, but if I sell, I lose 75% of the equity per the covenant, the sale price is set by the trust, the trust has 90 days to try and get an Income-restricted buyer before it goes on open market, and I still bear all the costs (including a required appraisal before listing). Any suggestions?

@Steven J. I have a CLT home and yes they have a lot of restrictions on resale, renting, and also mine was a shared equity deal. I would not do it again, especially in a market that appreciates fast like in DC where my home is.

@Carloz Gil I bought a condo through a community land trust. The covenant has a lot of restrictions and I’m actually trying to get out of it.

@Leonard Gunn, Jr did you get find a solution to this issue? I’m researching this as well.

Hi I'm Celena Green, in Washington DC, and am looking to learn more about real estate investing. I'm a consultant for nonprofit organizations in international development, looking to diversify my income and eventually transition to the business full time.