What Is A Cooperative?
Colonial Park Townhomes Cooperative is a group of 195 townhome dwelling units. We have one, two, three and four bedroom units for you to consider, depending upon your family size.
These 195 townhomes are owned by the Cooperative corporation. Each family who resides in one of the townhomes owns a share (membership) in the Cooperative. Therefore, each member/family is an owner of a portion of the whole development. There are no other persons who have an ownership interest in the development besides the people who live here.
When I Purchase a Membership, Will I Own My Unit?
No, not in the same sense that you would own a house. You purchase a share, or membership in the Cooperative. It is not a payment on a particular dwelling. It is a share in the homes of all the members, and in jointly owned community facilities — play areas, parking areas, community house, etc. For this payment you receive a Membership Certificate (your proof of ownership) and you sign an Occupancy Agreement which establishes your right to occupy a specific dwelling unit and spells out the rules you and your neighbors must observe to live together in harmony.
May I Decorate My Unit?
The Board of Directors, from time to time, makes regulations regarding such things as improvements of units. At the time you move in, you will be supplied with copies of all current rules and regulations. However, you are always encouraged to make your unit more pleasant for yourself and the cooperative as long as it is done within the guidelines provided.
Just What Are The Legal Regulations?
The Cooperative is a non-profit corporation. Your membership (as evidenced by your Membership Certificate and Occupancy Agreement) entitles you to an equal share in the Co-op, to provide use of your dwelling unit, and to vote (one vote per family unit) in the operation of the corporation. The legal documents involved are available, and copies will be given you when you apply. They include: (a) Articles of Incorporation; (b) By-Laws; and (c) various Board of Directors adopted regulations. The complete financial records and minutes of all Board of Directors' meetings are available on written request to the Board of Directors.
What Can I Expect in Maintenance Service?
Routine maintenance is provided by the Cooperative for all things that are "standard equipment" in the dwelling units, including the stove, refrigerator, water heater, central heating and cooling systems, and all plumbing and electrical systems. The Cooperative does expect that each member family will take normal care in the upkeep of the dwelling unit and the standard equipment.
Some maintenance is a chargeable item. This assures each member that they will not personally have to share in the expenses for those other members who may or may not take good care of their dwelling. Each member pays for his own neglect or lack of care. The Cooperative conducts periodic inspections of all of the dwelling units to assure that they remain safe and sound.
How May I Apply?
An application form is available from the cooperative office. A processing fee is required with your application (payment is to be by certified check or money order only). This fee is not refundable once processing has begun. You will receive a Membership Handbook at the time you move in. This book will help to advise you of all the Cooperative conditions and policies and must be returned when you are ready to move-out.
Do I have equity in the property?
Yes! Click here to view our equity schedule.
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