A cooperative is a not-for-profit corporation that is owned and operated by its members. Members purchase an equity share and contribute to the maintenance and management of the building and grounds.
There are 2 main costs associated with becoming a member of a cooperative: The EQUITY SHARE PURCHASE is a one time payment that is based on the size of the unit and its location in the cooperative.
The MONTHLY FEE is an affordable monthly payment that includes interior and exterior maintenance, lawn care and snow removal, mortgage and taxes, and management/maintenance staff as well as various other monthly fees.
No, there are no closing costs. Members simply pay their share price at closing.
No. The Village Cooperative of Crow Creek is an independent living community for adults 62 and older. There are no meals, transportation or medical services offered.
When you want to sell you share, you simply notify the co-op manager - who facilitates the resale process. There are no complicated real estate sales transactions involved. You can sell your share for your original purchase price plus accrued equity.
Yes. In order to qualify for ownership, all members must meet the minimum age and income requirements. At least one member listed on the Share Certificate must be 62 years or older.