Frequently Asked Questions

What is Cooperative Living?

Cooperative housing means joint ownership and operation of a housing development by those who live there. Each member purchases a share in the limited equity corporation. The share value is based on the size and location of the home. Each membership has one vote per home, in electing the Board of Directors.

Cooperative’s member-elected Board of Directors monitors building operations, enabling the community to operate at a reasonable cost. Cooperative housing combines pride of ownership with the convenience of community living.

How much does it cost to purchase a Membership in Trail View Cooperative?

Share cost — A member of a Cooperative purchases a share in a not-for-profit corporation, which entitles them to occupy a home. A share belongs to a member until the member, or his/her estate, decides to sell the share. The selling price of the share is based on the market value at the time of the sale. The cost of any upgrades purchased by the member may be added to the sale price of their share.

Monthly fees — Monthly carrying charges vary according to the size and location of the home. The monthly fee covers operating expenses including the mortgage principal and interest, real estate taxes, operating expenses, interior and exterior maintenance, landscaping, water, sewer, and trash removal. The monthly fee also covers liability insurance for the building, required reserves, legal and accounting services, and professional management.

What are the tax benefits of a Cooperative?

The tax benefits are like those in home ownership. You may be able to deduct the mortgage interest and real estate taxes associated with your home in the Cooperative.

What if I decide to move — how do I sell my share?

The cooperative facilitates the sales process with no fees or commissions and returns the member’s selling price to the seller when the home sells. You must notify the Cooperative in writing of your desire to sell your share. The office staff will call people on the waiting list and will assist in facilitating the resale process.

Are pets allowed?

Yes. Cats and small dogs are allowed, with no extra fees, but there are guidelines set by the Board of Directors. Your pet will need to be registered with the Cooperative on an annual basis.

May I make changes to my home?

Yes. To make changes to your home, you will need to complete an alteration form describing the changes you want to make and submit the completed form to the Board of Directors for their approval before you can proceed with the changes.

How do I get on the waiting list to purchase a share?

A $200 refundable deposit is required to place your name on the waiting list. After you are placed on the waitlist, when a unit becomes available for sale, it will be offered to the first name on the list. If they decline to purchase the home, it will be offered to the next in line until someone agrees to purchase the home (share).