> In a friends/family compound that is subdivided, you need a covenant on the original deeds that controls what happens when a member wants to sell their lot, e

> In a friends/family compound that is subdivided, you need a covenant on the original deeds that controls what happens when a member wants to sell their lot, e.g. the existing members collectively have to approve the buyer, or have right of first refusal to buy back the property, etc This sounds like reinventing the the often extremely long, complicated and onerous process of getting approved to buy into a coop in NYC. I would hope that any real estate is subject to such covenants will be appropriately valued much less than traditional freehold / fee simple land.