MARKETING REQUIREMENTS
Bylaws require that you market your home to low income homebuyers. Low income is defined as 80% of the area median income for the county in which you live. To see the requirements for your area, select your coop from the bar at the top and select the button labeled “Income Limits”
CONDITIONS OF SALE
Any open violations will need to be taken care of prior to closing or will need to become a condition of the sale (meaning the new owners agree to resolve any outstanding issues).
The Board of Directors may choose to inspect the home once you give notice and will inform you of any issues that will need to be addressed or become a condition of sale.
WOOD STOVES
Does your home have a wood stove? State law may require you to remove it prior to sale. Please see this page on the Oregon DEQ website for more information.
WHY USE AN ESCROW COMPANY
Using an escrow company (usually automatically done when working with a realtor) makes the process less stressful if you are unfamiliar with all of the ins and outs and helps to make sure all of these items are taken care of:
-Making sure prorations are accurate
-Making sure any property taxes and amounts owed to the cooperative are taken care of in escrow.
-Making sure there are no liens on the property and any and all vendors (if applicable) are paid.
-Making sure the title transfers to the new owners (a condition of membership)
If an escrow company is not used, both buyer and seller must go to the assessors office in person to get the taxes taken care of and the certification to sign off for the title transfer. Typically rent and taxes are prorated to the closing date.
BOTH SELLER & BUYER NEED TO SUBMIT THEIR BROKERS INFORMATION TO US ASAP
YOU CAN DO THIS HERE
COMMUNITY INFORMATION
We encourage all potential buyers to read the Screening Policy, Bylaws, Sample Lease and Community Rules of the cooperative that they are applying for. These can be found here.
Since the cooperatives have a 50-year lease agreement, the policies for membership approval are fairly strict. Please carefully review the Screening Policy for the community in which you are applying for as the application fee is non-refundable.
ATTENTION: BOARD OF DIRECTORS
The Treasurer (or designee) needs to deposit the membership fee into the “Membership” banking account.
Be sure to send an electronic copy of the lease and membership agreement to us as soon as it is signed.
Coming Soon:
We are in the process of creating an inspection list that the Boards will be able to use to address any issues on homes before it is listed. This is one more piece to help our communities continue to be desirable places to live.
TITLE TRANSFERS
If you are using an escrow company, they will likely take care of the title transfer for you. If you are not using an escrow company you will need to take care of the title transfer yourself. This is required for membership and must be done in a timely fashion. Here is the information for how to transfer the title:
Email: mhods.bcd@oregon.gov
Phone: 503-378-4530