A cooperative is a community owned and operated business in which each member of record has an equal vote. The Board of Directors are residents elected by the membership. The Board of Directors are responsible for establishing standards to keep the community a pleasant place to live. Charter Oaks is self-managed under the supervision of the elected Board of Directors and the Property Manager.
In a condominium the buyer purchases one unit with a conventional mortgage. In an established Cooperative, such as Charter Oaks, each member purchases one share in the Corporation, and each member has a voice in the management of the entire property. This means you will be making an all cash purchase. In a Cooperative, no loan or mortgage money is available using the share as collateral. Please keep in mind that you are not buying real estate. You are purchasing a share of stock in Charter Oaks Cooperative. Your unit represents one share.
After purchasing a share, members can deduct the mortgage interest and real estate tax expenses from their Federal Income Tax returns. In the case of Charter Oaks residents, this expense represents a percentage of the monthly carrying charges.
In a Cooperative, there is a monthly payment determined by the Board of Directors. This monthly payment covers insurance on the building, taxes, mortgage payments, gas, water, and maintenance. It’s like owning a home but without the responsibility of a homeowner. Repairs are taken care of and maintenance (except for inside decorations) is handled by our maintenance staff. Exterior care includes lawn and shrubbery care, snow removal, trash removal, and outside painting. Interior care includes maintenance of plumbing, coop owned appliances, heating and electrical systems, and structural repairs.
The monthly carrying charge includes gas and water. All units have gas stoves, gas furnaces and we encourage gas dryers. The utilities that you are responsible for are electricity, phone and cable/internet.
Charter Oaks has a clubhouse and a pool that members are free to use, subject to existing rules.