A historic opportunity to make this park our own!
The answer is “Yes.” They will need to update their paperwork with the membership committee. The co-op difference is that the membership committee is committed to the needs of the residents. Every effort will be made to ensure the designated heirs will remain in your home according to your designation and wishes, without any penalties. […]
It will be a certificate issued to you bearing the FRAC Corporate Seal, and all required restrictive legends.
Regarding automatic membership, this is a matter that will be decided in the final bylaws. Required disclosures will also be a matter for the bylaws and Park Rules and Policies.
An appraisal and physical needs assessment will be done to asses what repairs are needed in the park. A reserve structure fund will be put in place to address the repairs and infrastructure needs of the park after the co-op is formed.
When the mortgage loan is paid off, the monthly carrying costs for the Co-op will decrease because the monthly expenses will also decrease.
Monthly carrying charges will go towards paying the park mortgage, property taxes, utilities, insurance, and other services. The cost of monthly carrying charges will depend on several factors, including the annual cost of maintaining the park and the mortgage. The Occupancy Agreement replaces the member’s previous lease agreement with the prior owner. Non-members continue to […]
If you ever decide to sell your home or move from the Cooperative, you will receive the value of your membership interest, as adjusted for annual appreciation.
No. Becoming a member is voluntary. It is not mandatory for current residents to become cooperative members. However, if a nonmember household leaves the park in the future, and sells or moves their home, the new occupant must become a member.
Monthly carrying charges are collected by the cooperative from members, similar to the monthly rents collected by the current park owner, according to the terms of the Occupancy Agreement for the member’s space.
No, you will not own your own lot, but you will be able to hold a membership interest in the cooperative corporation that owns the park.