Chapter 12 PM PPT - Chapter 12 Specialized Housing Learning...

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Unformatted text preview: Chapter 12 Specialized Housing Learning Objectives Explain differences between condo & coop, and planned unit developments (PUDs) Discuss importance of thoroughly explaining CC&Rs to tenants and owners Summarize importance of building sense of community in manufactured home parks Differentiate between office and retail properties Explain when a percentage fee is inappropriate Summarize effects of government regulations on managing subsidized housing Describe accessibility modifications required for housing for the elderly Managing Cooperatives Cooperative Ownership Apartment owner purchases a share in the corporation (or partnership or trust) that holds title to the entire building Owner occupies as a lessee under the terms of a lease Popular with those just entering the job market and retirees leaving the job market Managing Cooperatives Structure of Cooperative Ownership Trust Ownership Certificates are issued Anyone with a certificate is granted the right to occupy Trustees manage Corporate Ownership Stock is issued Granted right to occupy under proprietary lease Board of directors is in charge Managing Cooperatives Share/Proprietary Lease inseparable from the share of stock and lasts for the life of the corporation Share Allocation usually determined by the size of the unit Covenants tenant is responsible for interior; corporation maintains structural elements and public areas Default if someone defaults, remaining shareholders bear the costs; ultimate penalty is to cancel the lease and forfeit all shares Managing Cooperatives Reserve Funds Right of First Refusal Possession may not be transferred without approval of corporation or corporation has right of first refusal on unit Managing Cooperatives Property Managers Role Maintaining physical integrity of property, ensuring ongoing services to the occupants, and submitting operating reports Input on operating reports Dealing with resident owners, attending association meetings, dealing with disputes between tenants Tenants want to be more informed Managing Cooperatives Property Managers Role cont....
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This note was uploaded on 10/10/2011 for the course REAL ESTAT 101 taught by Professor Green during the Spring '09 term at Irvine Valley College.

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Chapter 12 PM PPT - Chapter 12 Specialized Housing Learning...

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