What is a Co-op? – An association that owns the land. Shareholders are issued a proprietary lease by the corporation. As a shareholder, you can enjoy all the benefits of property ownership as any other owner of real estate. You can deduct property taxes and mortgage interest and enjoy the homestead deduction. Plus, you may see an appreciation in property value.
What is a shareholder? – Shareholders own the entire park, giving them control over all aspects of the park through their elected Board of Directors. Membership in a co-operative is dependent on a credit and background application.
Plantation Village Co-op requires that all applicants for residency, either renters or homeowners, submit to a background and credit check. This investigation will be conducted within all Federal, State and Local Laws. As you are entering into a contractual agreement, these procedures are meant to protect you, Plantation Village Co-op, Inc., and all existing residents within the community. A renter is any person occupying a home when the owner is not in residence, no matter how long the duration of the stay or whether or not remuneration is required. The primary resident must be 55 years of age or older; the secondary resident must be 45 years of age or older.
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