(uniquely different from condos and apartments)
Westwick Square Cooperative, Inc. is a Michigan not-for profit business, and must be operated accordingly. Your Membership Certificate represents one share of stock in the Corporation and is bought and sold like other stock with one difference. The difference is the outgoing member sells the membership certificate to the incoming member. The Certificate of Stock (Membership Certificate) entitles you as the member to live within a specific home. The Membership Certificate transfers to the incoming member upon the sale of the home. The Cooperative transfers the certificate from the outgoing member to the incoming member for the designated resale fee.
You as a member own one share of stock in Westwick Square Cooperative, Inc., and this entitles you to one vote in deciding issues facing the Cooperative Corporation, as well as to live here and participate in the Membership Meetings.
When a home has authorized improvements, the price paid to purchase those improvements within the home negotiated between the seller and buyer. This price is than added to the flat rate of the home’s value. The monthly carrying charge is combined with other members and used to operate the corporation. Each member is entitled to their proportionate share of Real Estate Taxes, which is deductible on your income taxes each year when filing the long form.
While the maintenance of the building’s exteriors, hot water heaters, plumbing, and wiring are the Co-op’s responsibility. Our members are free to individually redecorate their homes to complement their personal tastes and lifestyles. An “Alteration/Modification” form must be completed prior to altering a home. All improvements must meet local, state, and federal building codes.
The Co-op also maintains the public areas such as lawn areas, trees and shrubs, the parking lots, etc., but each resident is encouraged, in fact, urged to landscape their area and to keep a beautiful, well cared for lawn.
Westwick Square Cooperative (co-op) is a self-governing body; members elect a Board of Directors at the Annual Meeting and that Board is charged with setting the rules, guidelines, and limitations for the community. Members are expected to read and follow the rules set forth. Members are also encouraged to become active in some phase of our “volunteer” programs. Westwick Square thrives on the talents and ideas of our members. Our carrying charges are considerably less than rent or house payments. Charring charges differ between the home styles and range from $477 to $524 per month.
This is basically what a housing Cooperative is. If you feel that it fits your housing needs, please fill out the application for membership and submit it to the office.
A Message About Cooperative Ownership
Each member of Westwick Square Cooperative owns one share and has one vote in the corporation. The cooperative corporation holds title to the property and is responsible for the upkeep and maintenance of the property, as well as the real estate taxes and the utilities for the exterior security lighting and water. A Board of Directors is elected by the members. The directors set policy, establish rules, and determine how money is spent.
To qualify for membership, you must meet the income and credit standards established by the Board of Directors. Upon approval for membership, you may then purchase a share from a current member. All transactions are completed though the co-op office. As a member of the corporation, you and your family have the right to occupy a specific dwelling. You will receive both a Membership Certificate and an Occupancy Agreement. The corporation is governed by a set of By-laws and House and Grounds Rules.
For more families like your own, the search for a truly satisfying home leads directly to the charming townhouses in Westwick Square Cooperative. Here is the privacy you want, the convenience you have been seeking and the neighborliness you hoped to find. These requirements are not only met, but they are also combined with the many advantages of cooperative ownership.
In Westwick Square, we encourage you to create the setting you want for better living. It is easy here, because the layout is thoughtfully planned, and the rooms are bright and spacious. You are responsible for the interior decoration of your home and landscaping of your yard. Your individual tastes may be reflected in the interior and exterior of your home.
Consider the Advantages of Cooperative Ownership Over Renting
You are not paying a profit to a landlord. Instead, your family pays only its share of the actual costs of owning, operating, and maintaining the Cooperative property. This amount is determined by a realistic budget on a not-for-profit basis.
As you know, if your family rents a house or an apartment, there are no tax advantages. Under a Cooperative, your share of the annual real estate taxes can be deducted from your taxable income.
The Advantages Over Individual Homeowning are Equally Impressive
The Maintenance Department provides services/repairs to member’s homes during normal office hours. The Cooperative’s professional maintenance staff is also available to treat emergency calls on a 24-hour basis. This is one of the main benefits of Cooperative Ownership.
Westwick Square Cooperative offers you a home that is individual and self-contained, attractively decorated and a setting that combines privacy and beauty in the public and private lands.