Middlesex Massachusetts Sale of Unit by Co-operative Housing Corporation

Name: Middlesex Massachusetts Sale of Unit by Co-operative Housing Corporation
Brand: US Legal Forms
Rating: 4.78 (485 reviews)

Category:

Corporations - Cooperatives

State:

Multi-State

County:

Middlesex

Control #:

US-1236BG

Format:

Instant download

Description

A housing cooperative is a legal entity, usually a cooperative or a corporation, which owns real estate, consisting of one or more residential buildings.

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FAQ

Terms in this set (11) The cooperative owns the property, not each individual. Each tenant makes monthly rental payments, taxes, insurance, management and maintenance payments to the cooperative. Cooperative pays mortgages and taxes, insurance payments etc from tenant rental payments.

Owners of a co-op own shares of the cooperative instead of owning their unit outright, which would be the case in a condominium. With some co-ops, owners are allowed to sell their co-op shares in the open market, depending on the market rate for co-ops in that location, subject to approval by the co-op board.

Advantages & Disadvantages for Co-Ops Advantage: Shared Costs.Advantage: Equal Monitoring.Advantage: Enhanced Communication and Performance.Disadvantage: Risk of Financing.Disadvantage: Shared Decisions.Disadvantage: Hours and Funding.

A housing cooperative or "co-op" is a type of residential housing option that is actually a corporation whereby the owners do not own their units outright. Instead, each resident is a shareholder in the corporation based in part on the relative size of the unit that they live in.

The main advantage of a co-op is affordability, as it is usually cheaper than a condo. Some people want to build equity in a home but have no interest in taking on the responsibilities and expenses that come with ownership. In larger co-ops, a paid crew handles all repairs, maintenance, and security.

Disadvantages of a co-operative include that: members have equal voting rights regardless of investment - which may not suit an investor-driven business. legal limits on payments of dividends on shares may not suit an investor-driven business.

Living with the rules. The downside is that when you sell, the board must approve the buyer and that can delay the sale. The board can reject applicants for only two reasons: financial or a refusal to abide by the association's rules and regulations. Some people worry that a co-op board has too much power.

For instance, members of the co-op may be prevented from subletting their apartment or require that all new shareholders seeking to buy into the co-op (aka to buy out an existing resident) must be preapproved by the board in advance. All co-op owners are responsible for the co-op's mutual financial obligations.

Because co-ops are structured like a corporation, applicants who purchase a unit within one are purchasing shares. Therefore, they become a shareholder within the cooperative. The Board has a fiduciary responsibility to the Cooperative to approve financially secure buyers and their decisions are based on such.

The main advantage of purchasing a co-op is that they are often cheaper to buy than a condo. Co-ops are typically more financially stable. The instance of foreclosure is rare. Co-ops are typically going to be a higher owner occupancy rate.

More info

What is a housing co-operative? The household does not currently reside in a rent-geared-to-income unit.The regulations of this chapter shall govern the use and development of all buildings and land in the Borough of Middlesex. Rent increases due to condo or co-op conversions . . . . . . . . . . . . Woodbridge, NJ. NewJerseyMLS. All properties sold at auction at the Sheriff's Office are advertised Tuesday in the Trenton Times and the Trentonian. The Cooperative Recording Act of New Jersey, N.J.S.A. D-1 et seq. 15 Stow St. Exquisite Turn of the Century home in the heart of Concord Center. 1199 Housing Corporation. The County of Somerset is located in the State of New Jersey.

Middlesex Massachusetts Sale of Unit by Co-operative Housing Corporation

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