What is a Cooperative?
Williamsburg Townehouses Cooperative 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 unit. The Membership Certificate transfers to the incoming member upon the sale of the unit. 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 Williamsburg and this entitles you to one vote in deciding issues facing the Cooperative Corporation, as well as to live here and participate in the Board Meetings.
The price paid to purchase a unit is negotiated between the seller and buyer and is based on any improvements, a/c, patio, carpeting, etc., contained therein. 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 buildings exterior, hot water heaters, plumbing and wiring are the Co-op’s responsibility, our members are free to individually redecorate their units to compliment their personal tastes and lifestyles. An “Alteration” form must be completed prior to altering a unit, all improvements must meet local, state and federal building codes.
The Co-op also maintains the public areas such as lawn area, trees and shrubs, the parking lots, etc., but each resident is encouraged to landscape their flowerbed areas and to keep a beautiful, well cared for lawn.
Williamsburg Townehouses Cooperative (co-op) is a self-governing body; members set the rules, guidelines and limitations. Members are expected to read and follow the rules set forth. Members are also encouraged to become active some times with community events. Williamsburg Townehouse thrives on the talents and ideas of our members. Our carrying charges are considerably less than rent or house payments because of the “gift” of the member who volunteers. Along with these things also comes a pride of ownership.
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.
Each member of Williamsburg 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 real estate taxes and the utilities for the exterior security lighting. A Board of Directors is elected by and from 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 through 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 Williamsburg. 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.
At Williamsburg, we encourage you to create the setting you want for better living. You are responsible for the interior decoration of your home and flowerbed areas. Your individual tastes may be reflected in the interior and exterior of your home