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o Is It Like Owning Your Own Home? o How Can I Become A Canterbury Resident?
A
COOPERATIVE ENTERPRISE OWNED BY THE PEOPLE WHO USE IT.
Examples are Credit
Unions and Mutual Insurance Companies. Canterbury Mews Townhouses make
up a community owned and operated by the residents. Thousands of
families in the Detroit and surrounding areas enjoy this modern,
cooperative way of living better at less expense. each family has an
equal vote in the co-op corporation, which holds title to the
property. A Board of Directors is elected by, and from the residents,
which establishes standards to insure that the community is maintained
as a desirable place in which to live. YES, IN TERMS OF CONVENIENCE. Co-op living is better than renting in many ways:
IS IT LIKE OWNING YOUR OWN HOME? YES, BUT IN MANY WAYS IT IS BETTER. As a member of Canterbury Mews Townhouses Cooperative you get the advantages of home ownership without the responsibilities.
HOW CAN I BECOME A CANTERBURY MEWS RESIDENT? JUST
FILL OUT AN APPLICATION AT THE CANTERBURY MAIN OFFICE OR PRINT
OUT A FORM ON THE APPLICANT PAGE AND RETURN IT TO THE MAIN OFFICE.
A
process fee is paid with each application which is non-refundable.
Applicants must be accepted by the Board of Directors and meet the
approval requirements of the Federal Housing Administration.
Basically, co-operatives are open to all qualified applicants without
restrictions. The total membership equity depends on the unit
style. You
receive a Membership Certificate in the co-operative and an Occupancy
Agreement for your home. You make your first monthly payment when you
first move in. YOU
GIVE 60 DAYS NOTICE. The Co-op
will assist you in selling your membership (unit) for a fee.
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