How Do I Buy In Leisure World, Seal Beach?
Is it easy to buy in Leisure World, Seal Beach?
What is required to purchase in our Leisure World, Seal Beach?Do I own my home in Leisure World, Seal Beach?
What exactly is a Mutual and Stock Co-Op?The questions above are very common ones and we are here to guide you through the answers. Please read below and call us with further questions. We are always happy to help.
Is it easy to buy in Leisure World, Seal Beach?YES! Leisure World, Seal Beach has 17 Mutuals and houses over 9,000 residents. There is always something for sale and new inventory coming on the market. Any Realtor may sell inside Leisure World as long as they are licensed with the State of California and registered with the Stock Transfer office inside the gates. Our team regularly attends continuing education courses mandated by the State of California through the California Association of Realtors, to which we are also members. Our team is regularly registered with the Stock Transfer office inside Leisure World, Seal Beach and we take pride in being compliant. Showing our clients homes in Leisure World, Seal Beach is just like showing homes in any neighborhood. We make appointments with the owners, we use the registered lockboxes and cooperate with other real estate agents. Buying a home is Leisure World, Seal Beach is similar to buying a home in any neighborhood and you want good representation to guide you, walk you through the various mutuals, tell you the difference in the mutuals, the pros and cons of each location and to make sure you are paying fair market value and not too much money. What is required to purchase in our Leisure World, Seal Beach? Buyers must meet minimum income requirements. Verification of monthly income will be done by providing the past two years of: Tax returns (1040)
- 1099s for interest and dividends
- 1099-R for retirement income from qualified plans and annuities SSA-1099 Social Security Benefits Statements
- Brokerage statements and current interim statements
- Six months of bank statements showing a least $25,000 on deposit for the full six-month time period
- If your offer is not contingent upon the sale of another home, then a recent property tax bill that shows the assessed value of the home
- If your offer is contingent upon the sale of another home a copy of the escrow instructions and a copy of the current year property tax bill that shows the assessed value of the home will also satisfy this requirement
- This is proof that you are at least 55 year of age
- The per person membership fee in 2016 is $2595.
- The buyer must physically appear at an interview with the mutual director. This will take place approximately 7 to 10 days after the offer has been accepted by the seller
What exactly is a Mutual and Stock Co-Op?What is meant by cooperative housing? Cooperative housing refers to the cooperative ownership of the Mutual’s property by members who are shareholders in the Corporation. Ownership of the stock may be inherited, transferred or sold, with the approval of the Corporation’s Board of Directors. Our co-ops were developed with FHA guaranteed 40-year loans. Do you rent/lease or buy your dwelling unit or apartment? Our community is comprised of two types of property ownership:
- The cooperative unit, (Mutuals 1 to 16) in which the owner is a shareholder in the housing corporation, and whose ownership is evidenced by one share of stock and the right to occupy the unit. These units must be purchased for all cash (no financing is allowed).
- The condominium (Mutual 17), in which the owner has a deed to the unitand an undivided interest in the Mutual’s assets. These units may be financed by lending companies.