This is formed with owners/members and allows each member to control the housing and community facilities where they live. This is usually a not-for profit cooperative corporation. Each member pays an amount montly to cover their share fo the operating expenses of their cooperative corporation. ! Here are some Benefits! These are cash purchases!
What do I won? You would own a shares or a membership in the coop, you don't own real estate. You would have exclusive righ to live there as long as you want and as long as you follow rules and regulations set forth by the Coop.
Ownership Influence in the cooperative association.
Shared Maintenance Responsibilities
Members protect the associations property
In order to purchase in most cases you would fill out an application, provide financial information and other documents as requested by the Housing Cooperative. They will be in contact with you and you will go through an interview and approval process.
For closing on these type of properties, there is not a lawyer or title company involved, it is all handled at the Cooperative Housing office.
For more information, feel free to call, text or email me.
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