Absolutely! We are happy to walk you through the process, which involves a simple agreement being completed. As a share purchaser, you do not have to submit to the normal application, income and background screenings that prospective members are required to complete.

Learn more at www.gracewinliving.com/make-a-share-purchase-on-behalf-of-another.

Members of a co-op share everything equally – ownership of the entire property, the mortgage, and equal voting rights. For condo owners, ownership is limited to their unit and a share of common area spaces. They must arrange their own mortgage financing and tax benefits are based on their own unit with voting rights varying by unit size.

The benefits are similar to those you enjoyed in your single-family home.  Your portion of the real estate taxes and mortgage interest associated with your new home are fully tax deductible.  When the time comes for you to sell your shares, you will be entitled to the same exemption from capital gains taxes that are provided to any homeowner.

The monthly payment includes mortgage principal and interest, real estate taxes, operating expenses, and lender-required reserves.  It also includes interior and exterior maintenance, electricity, sewer, water, gas, trash/recycling, Wi-Fi, as well as liability insurance, legal, accounting, and professional management services for the cooperative.   Even things like your home appliance repairs or replacement will be covered by the monthly payment if ever the need arises.

Yes, your monthly fee will be prorated based on the square footage of your home and will include all amenities offered by the cooperative.

Gracewin Development will contract with a highly-qualified property management company, who will manage the building for the initial term.  (This will allow the new cooperative board to gather and get organized, while also ensuring start-up and warranty issues are addressed.  After this term, the board will be able to continue use of this firm, or contract with a new one.)  Property management handles the day-to-day operations of the building including such things as gathering bids, vendor management, work order management, paying invoices on behalf of the cooperative, and coordinating the preparation of budgets and tax statements.

At such time that you would no longer need or wish to maintain your membership in the cooperative, then your shares would be made available for sale and you or your designee(s) would be paid out your share payment as well as any growth in equity.  The process of selling your membership shares is one of the key advantages of cooperative living since there is typically a waiting list of people interested in purchasing that can be contacted.  Since the sale is not considered a real estate transaction, local cooperative management is able to help manage the process by making the connection with the next eligible party on the waiting list as well as helping complete the required documents,  saving you both time and money.

With the exception of your spouse or joint tenant, your membership is non-transferable.  Generally speaking, the cooperative will retain the first option to purchase your membership in the event there is no spouse or joint tenant to whom the membership is transferred.  Should the cooperative waive this option in writing, or fail to purchase your membership within 60 days commencing the first of the month following receipt of notice, then you or your legal representative (in the event of death) may sell your membership to any qualified person who has been approved by the cooperative. 

Those interested in pursuing a membership in the Gracewin cooperative will be required to submit a $500 deposit.  Once we receive that and a signed reservation agreement, you will be given a priority number.  The number you receive identifies where you fall in line when the selection process begins to chose your actual home.  If you change your mind for any reason, your reservation deposit is fully refundable.

Yes, a monthly payment is required and includes each member’s portion of the cost in maintaining the property, including real estate taxes, property insurance, reserve funds, heated underground parking, lawn care, snow removal, landscaping, select utilities, security and management services, to name a few.  The fee also includes payment of principal and interest on the cooperative mortgage which is based on the square footage of your home; this means that your share of the cooperative’s mortgage interest and real estate taxes may be deducted on your personal income tax return.   

There are flexible downpayment options which can reduce the amount of your monthly fees.
In addition, pre-payment of your monthly payment for the calendar year is acceptable.

To learn more about your options, call our staff at (855) 472-2396.

At the first annual meeting of members, shareholders will nominate and vote to elect a board of directors of no less than five, and no more than seven members. Until such time, the board will be comprised of three directors from Gracewin Development, the company that is building Gracewin Cooperative in your city.

Gracewin Living communities are proud to be pet-friendly.  Members may have up to 2 pets (cat, dog) weighing no more than 25 pounds each, and must provide proof of all required vaccinations as well as spay/neuter.  

Upon the sale of your share, your initial down payment is returned to you, plus annual appreciation of 1-2%. For example (using round numbers and 1% equity appreciation), if your down payment was $100,000 and you lived at Gracewin for 10 years, you’d receive ~$110,000 upon resale of your residence.  If you lived at Gracewin for 20 years, you'd receive ~$120,000 upon resale.  Resale is handled in-house, which saves thousands of dollars in real estate transactions fees such as the title work, appraisal, commission payments, etc.

When 70% of all available units have been reserved with a fully refundable $500 deposit, Gracewin will reach out to the holder(s) of Priority Reservation #1 to select the specific unit they want to live in.  At this time, we will collect the down payment they have selected from the three options available.   This process will continue with all priority reservations in order of receipt until Gracewin has 70% occupancy committed.  Then building construction will begin.  Once the building is complete and the building is ready for move-in, the first monthly payment will be due.

Each residence is allocated one assigned parking spot in the underground heating parking area.  Surface parking (outside) is open to all for additional vehicles.

In addition to ample storage space and walk-in closet your home, each residence is provided an additional secured storage locker near their parking spot in the underground heated parking area.  These storage lockers range in size from 4'x8' to 8'x8'.

We welcome your call at (855) GRACEWN or  (855) 472-2396 or an email to info@gracewinliving.com.