Buying and Selling a Silver Glen Cooperative Share
Instead of owning real estate, buyers purchase a membership certificate in the corporation from a current certificate owner who wishes to sell. This entitles the buyer to the exclusive right to occupy a specific unit for an unlimited time.
Although the Silver Glen corporation owns the entire complex, your individual membership can be sold whenever you wish, or transferred to your heirs as part of your estate. Included in the monthly fee are property taxes prorated according to unit size, building insurance, most utilities, exterior maintenance and reserves.
Selling a Silver Glen Cooperative Share
When a membership is sold, the proceeds go directly to the selling member. Closing costs are less than those for real estate sales as there is no state sales tax on the transaction.