Frequently Asked Questions
What is a resident-owned community and what does it mean for homeowners?
- In a resident-owned community residents form a not-for-profit co-op
- Each household is a member of the co-op and a shareholder. As a group the co-op owns the land and manages the community
- The members to own their own homes
- There are many benefits to living in a resident-owned community, including control of monthly HOA fee, repairs and improvements, lifetime security against unfair eviction and a strong sense of community
- Everyone has a say in the way the co-op is run, and major decisions are made by democratic vote
How much does it cost to live in Lakeville Village?
- Each Member household pays three charges
- Non-refundable Application Fee of $20 for each adult in the home
- One-time Membership Fee of $300. Once a member has paid the membership fee, they only pay the HOA fee, and members get their membership fee back if they sell their home
- There is a homeowner's assessment fee that is collected monthly to pay for operating expenses of the coop. The fee is currently $389 per month
- For more information contact Keynote Realty Company at 585-262-3113 ext. 25
Are pets allowed in Lakeville Village?
- Yes! Lakeville Village is a pet-friendly community. Two pets are allowed per home. Restrictions are detailed in the Community Rules
What's the process for buying a home in Lakeville Village?
- Agree to terms with the seller of the home and sign a purchase and sales agreement
- Complete and submit a membership application
- Upon board approval, payment of the membership fee, execution of an occupancy agreement and successful transaction with the seller, take the keys and start enjoying your new home and the stability and security that comes with living in a resident-owned community
Who manages the community?
- The Members elect a Board of Directors, who make the day-to-day decisions. Decisions are made efficiently and in the best interest of the group.
- The co-op contracts with vendors for property management, snow plowing, mowing, ect.
How is the Board of Directors elected and who serves?
- The members of the co-op elect the Board of Directors
- The Board of Directors consists of seven members who are in good standing with the co-op
- Elections take place at an annual meeting each fall
- Board members serve for a term of two years. No director may serve for more than three consecutive two-year terms.
- The Board of Directors is always looking for volunteers - there's always a place for those who want to pitch in.
Who can I talk with about living in Lakeville Village?