Condo vs Co-op Ownership

 

Rossmoor has a wide variety of one, two and three bedroom home floor plans available in an interesting range of architectural designs. At Rossmoor, there are three forms of ownership - the cooperative, the condominium and sixty-three single family homes.

In the cooperative, the purchaser buys a share, represented by a stock certificate, in the particular section of homes where he or she has purchased. The purchase of that share includes the equity payment to the present owner, at an agreeable price, and assumption of the monthly carrying charge plus real estate property tax. The latter includes monthly maintenance and operations fee.

In the condominium and single family home form of ownership, the purchaser buys a home for an established asking price or negotiates with a seller an agreeable price. Financing is flexible in that you may obtain a loan from the lender of your choice, or you can pay all cash. You receive a grant deed to your home. Real estate taxes, monthly maintenance and operating charges are paid directly by the owner.

 

Condominiums

Rossmoor condominiums are located throughout the rolling Rossmoor countryside. Like all Rossmoor properties, the condominium complexes offer a variety of floor plans, with meticulously maintained exteriors surrounded by lush landscaping.

Each condominium is assessed a monthly fee (coupon). The fee covers the following:

* Exterior & structural maintenance of buildings, roofs, landscape & gardening maintenance.

* Hazard insurance on buildings.

* Twenty-four hour Public Safety.

* Professional management and administration of facilities.

* Property taxes on common facilities and grounds.

* Water service.

* Trash removal.

* Basic cable TV & internet service provided by Comcast-Xfinity.

* Subscription to our community weekly newspaper, the Rossmoor News.

* Bus service within Rossmoor. For a small additional charge, there is County

Connection bus service to nearby Walnut Creek, Lafayette and BART.

 

Cooperatives

Rossmoor stock cooperatives are located throughout the rolling Rossmoor countryside. A variety of floor plans is available in the cooperatives, including popular two-story homes.  Like all Rossmoor properties, the exteriors of the cooperatives are carefully maintained and surrounded by mature, well-tended landscaping.

Cooperative Purchase Requirements

1. Generally, the buyer(s) monthly income must be approximately 3 to 3.5 times the Mutual’s Coupon payment (HOA amount) plus the estimated change in property taxes.

2. Buyer(s) must have either $50,000 or $75,000 (depending on the Mutual) in liquid assets remaining after their purchase of a cooperative.

3. For co-op purchases, loans (called share loans) are available for those who want to finance their purchase for 70% of the purchase price with a 30% down payment.

Each cooperative is assessed a monthly fee (coupon). The fee includes the following:

* Hazard Insurance on buildings.

* Property taxes on manors, common facilities and grounds.

* Replacement reserve for major components of some appliances.

* Twenty-four hour Public Safety.

* Exterior and structural maintenance of buildings, roofs, landscape and gardening maintenance.

* Professional management and administration of facilities.

* Water service.

* Trash Removal.

* Basic cable TV & internet service provided by Comcast-Xfinity.

* Subscription to our community weekly newspaper, the Rossmoor News.

* Bus service within Rossmoor. For a small additional charge, there is County Connection bus service to nearby Walnut Creek, Lafayette and BART.

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**Please note that alterations to the property are the owner's responsibility; an alteration permit is required from Rossmoor and the City of Walnut Creek to make most alterations.

Additional charges for the following services:

* Special Mutual assessments.

* Use of some community facilities.

User fees for the following:

* Golf, lawn bowling, pickleball, tennis (club fees apply) and specialized use of clubhouses.

* Parking for RVs and boats in specified areas, subject to availability.

* Charging electric cars.

Property regulations include the following:

* A $13,500 membership transfer fee to buyers other than current residents when purchasing a resale property in Rossmoor.

* Restrictions regarding the leasing of manors.

* Minimum age of 55 for one resident, per California Civil Code 51.3.

This information is deemed to be accurate but is subject to change periodically.