Frequently Asked Questions
What is a resident-owned community and what does it mean for homeowners?
- In a resident-owned communiyt, 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 continue to own their own homes individually
- There are many benefits to living in a resident-owned community, including control of monthly HOA fee, repairs and improvments, 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
- The first is the non-refundable Application Fee of $20 for each adult in the home
- The second charge is one-time Membership Fee of $300. Once a member has paid the membership fee, he or she only pays the HOA fee and members get their membership fee back if they sell their homes.
- The third charge is the home owner's assessment fee that is collected monthly to pay for operating expense like taxes, insurance, trash/recycling collection and the co-ops mortgage payments. The fee is currectly $389 per month.
- For more information, please contact Keynote Realty, our property management 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?
- First, agree to terms with the seller of the home and sign a purchase and sales agreement
- Second, immediately complete and submit a membership application. the board of directors must approve new members through an application process which includes criteria for membership.
- Finally, 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, which makes the day-to-day decisions. This way, decisions may be made efficiently and in the best interest of the group.
- The co-op contracts for certain mangement tasks ( property managment, snow plowing, mowing, ect...)
- Contractors work under the direction of the board.
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 shal 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?