Carefree, Independent Living
- A housing cooperative is owned by its resident shareholders
- Supportive and rich community life of cooperative living
- To join The Plaza, cooperative residents buy a share in the cooperative
- Each share in the cooperative is represented by an apartment home
- Through this purchase you become an owner/member of the cooperative
- Your purchase into the cooperative is an investment, not an entrance fee
- Cooperative is governed by an elected resident Board of Directors
- The cooperative attends to all details of maintaining your building and grounds, thus ensuring you a carefree lifestyle
- Monthly fees set through your Board of Directors
- Board of Directors decide what services, if any, should be brought in and under what terms
- Tax deductibility of taxes and mortgage interest
- Upon your decision to move, you will sell your share
What Makes Us Different?
The members own and operate the cooperative through a Board of Directors elected from and by the members and By-Laws set by the members and which can only be changed by the members.
One monthly fee covers taxes, insurance, utilities (except telephone), cable TV, debt service on the mortgage, maintenance and a replacement reserve.
You and your family will have peace of mind for several reasons:
- No responsibility for maintenance and repair
- Total freedom to come and go whenever you please
- No isolation as there are activities and neighbors
When it becomes necessary to the sell your membership share, the cooperative may assist in marketing and sale.
A condominium, on the other hand, is an individual enterprise. The individual must make arrangements for the purchase and becomes the owner of the unit. The owner is totally responsible for paying taxes, insurance, utilities and a monthly fee to cover external maintenance and maintenance for the common area which is regulated by an Owner’s Association Fee.
The individual is responsible for any resale and normally would use a realtor at the going commission rate. The transfer is regulated by all laws, rules and regulations applicable to real estate transactions.