WHAT IS A COOP | RENTING VS. SSC | OWNING VS. SSC | BECOMING A MEMBER | MOVING OUT
- WHAT IS A COOPERATIVE -
AN ENTERPRISE OWNED BY THE PEOPLE WHO USE IT.
Examples are Credit Unions and Mutual Insurance Companies. Southwicke Square Cooperative make up a community owned and operated by the residents. Thousands of families in the Detroit and surrounding areas enjoy this modern, cooperative way of living better at less expense. each family has an equal vote in the co-op corporation, which holds title to the property. A Board of Directors is elected by, and from the residents, which establishes standards to insure that the community is maintained as a desirable place in which to live.
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YES, IN TERMS OF CONVENIENCE.
Co-op living is better than renting in many ways: - You make one monthly payment that includes principal, interest, taxes, insurance, administration, and maintenance of home, landscaping, and playgrounds.
- You don't collect rent receipts - your investment in Southwicke Square continues to grow in value.
- Also tax deductible, is the share of cooperative's interest paid by the family, or on their behalf.
- You pay only the actual cost of the nonprofit operation - if you rent, you pay what the landlord can get away with.
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- IS IT LIKE OWNING YOUR OWN HOME? -
YES, BUT IN MANY WAYS IT IS BETTER.
As a member of Southwicke Square Cooperative townhouses you get the advantages of home ownership without the responsibilities.
- Your home is taken care of inside and out except for interior decorating...at no additional cost!!
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You are not personally liable for the mortgage at Southwicke Square.
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If you wish to withdraw from membership in the Cooperative, inform the Southwicke Square Main Office (that is conveniently located in the heart of the subdivisions), which will assist you in the sale of your unit.
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- HOW CAN I BECOME A SOUTHWICKE RESIDENT? -
JUST FILL OUT AN APPLICATION AT THE SOUTHWICKE MAIN OFFICE OR PRINT OUT A FORM ON THE APPLICANTION AND RETURN IT TO THE MAIN OFFICE.
You can reserve the house of your choice by making a refundable deposit. A process fee is paid with each application which non-refundable. Applicants must be accepted by the Board of Directors and meet the approval requirements of the Federal Housing Administration. Basically, co-operatives are open to all qualified applicants without restrictions. The total membership equity depends on the unit style of your choice. You receive a Membership Certificate in the co-operative and an Occupancy Agreement for your home. You make your first monthly payment at the closing of your townhome.
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THE CO-OP WILL ASSIST YOU IN THE SALE OF YOUR UNIT.
You receive the equity proceeds of the sale.
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