Chester Park Cooperative is a member-owned, not for profit Association. When you purchase your home here, you become a member and shareholder in our Co-op and corporation. You own 1/142 share in the building. In the real-estate world, we are defined as a leasehold estate; meaning that essentially, you are leasing your home from yourself as a member/owner.
Chester Park has a nine-member Board of Directors who approve all incoming members. When a Seller uses our Management to market their home, they set the asking price. As a potential member, a Buyer would be furnished with a list detailing the selling price of all comparable units. Our management team works as neutral mediators between Buyer and Seller, facilitating a satisfactory agreement between both parties.
The asking or unit price, minus the current mortgage balance is the subscription price or down payment. Chester Park has a blanket mortgage covering the entire building. Some units are completely paid off and have no mortgage, while others may have a mortgage balance.
Financing Fees Example
Using the dollar amounts from the example above. A Unit Price of $175,000 minus the Mortgage Balance of $100,000 equals a Down payment of $75,000. ($175,000 – $100,000 = $75,000)
While Chester Park does not offer any in house financing, if you need help financing the down payment portion of a specific unit, our representatives may be able to help find a solution.