What do members have to do?
Members are required to:
a. pay their housing charges on time
b. attend the general membership meetings usually 4-5 times per year
c. abide by the bylaws, policies, and procedures of the co-op
d. purchase a share in the co-op
Housing charges are similar to monthly rent charges. These charges help to cover the mortgage, taxes, sewer and water. The co-op is a non-profit and housing is supplied at cost.
Additional costs include an application fee when you apply for membership. Upon acceptance of membership, a share must be purchased but it is refunded to you when you move out minus any amounts owing the co-op within 60 days of your move out date. The share cots $800.00. To secure a unit, you will be required to pay a $250.00 non-refundable deposit, which will become part of your share payment once you have moved in and signed the occupancy agreement. You must pay off the remaining portion of your share immediately or $50/month for eleven months. Since the co-op stops marketing the unit once you pay the $250.00 deposit, if you are unable to move in, the co-op cannot refund you. There is a nominal charge for a second parking stall, if available. Also, there is a small monthly fee to pay our dues in CHF Canada.
The share indicates your commitment to the co-op. The co-op can claim part or the entire share if you damage co-op property or do not pay the amounts you owe to the co-op. Because the co-op in non-profit, at times there may be a temporary cash flow situation and the Board of Directors may borrow a portion of the share amount. Interest on the share amount is used to help offset the operating costs of the co-op. The co-op cannot pay interest on the share as governed by The Cooperative Act. But as a member you benefit all the time from the interest because it helps offset the operating cost and helps keep housing charges down.
You do not have to sign a lease but you will be required to sign an occupancy agreement. There is no termination date, you simply agree to give 60 days notice, to abide by the rules and pay charges on time.