Oakland Square Cooperative, Inc.
About Oakland Square Cooperative, Inc.
Oakland Square Cooperative is a market rate cooperative housing complex located on Patrick Henry Drive which is off Walton between Dexter and Squirrel, in Auburn Hills, Michigan.
What is a Co-op?
The Oakland Square Cooperative is a Corporation. To become a Member of the Cooperative, you purchase a share of stock in the Oakland Square Cooperative which entitles you to occupy a townhouse, under an occupancy agreement. Members do not own the actual unit; they own a share of stock in the Corporation.
How much is it?
The investment amount, or equity, varies depending on the size of the unit and market conditions. The current equity amount is determined by the marketplace. The current cooperative member establishes the sales price on their unit. Some units may be listed for sale with local real estate brokers. In most cases, “For Sale” signs will appear in the windows of cooperative units which are for sale or listed online under common listing sites, such as Zillow, Trulia and REMAX. The total equity amount (sales price) is due at the time of closing. Monthly payments, called carrying charges, range from $271.00 to $456.00, again depending on the size of the unit. The carrying charge includes gas, water, and maintenance.
Is financing available?
Loans are available to qualified borrowers. These loans are called Share Loans. The terms of a loan are very similar to a home mortgage loan. Loans typically require a down payment and require monthly payments up to thirty (30) years. Borrowers must qualify with the bank in addition to the qualification process required by the cooperative. Information for the bank(s) providing share loans can be obtained from the managing agent. Currently, the cooperative has made arrangements with one bank to process share loans. The contact information is as follows:
NCB Savings Bank, FSB
139 S. High Street
Hillsboro, OH 45133
Contact: Camryn Remsing
Phone: (937) 393-6426
Fax: (937) 402-2954
Email: cremsing@ncb.coop
Min. 10% Down Required
What are the requirements to become a Member?
To qualify for membership in the cooperative you must meet the following requirements:
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A satisfactory TRW Risk Score.
A satisfactory TRW Risk Score.•A good property management company landlord reference.
A good property management company landlord reference.•Criminal background check.
Criminal background check.•Minimum Annual Income Requirement, as follows:
Minimum Annual Income Requirement, as follows:1 Bedroom/1 Bath ......................$10,840.00
$10,840.002 Bedrooms/1 Bath ....................$14,880.00
$14,880.002 Bedrooms/1-1/2 Bath ..............$15,080.003 Bedrooms/1-1/2 Bath ..............$16,440.004 Bedrooms/1-1/2 Bath ..............$18,240.00Social Security and disability payments and pension qualify as income. Please note that Section 8 and student loans are not considered income for qualification purposes.
Occupancy Standards:
Depending on the family composition, general occupancy standards are as follows:
1 Person – A single person may purchase a one (1) or two (2) bedroom unit.2 People – Two people may purchase a one (1), two (2) or three (3) bedroom unit.3 People – Three people may purchase a two (2), three (3) or four (4) bedroom unit.The Cooperative does not accept co-signors, and the individual(s) that applies for the unit, must occupy the unit. No pets are allowed at the Cooperative.
Is subleasing allowed?
All applicants must represent that, if approved, they will occupy the cooperative unit on a full-time basis as their principal residence. NO applications will be processed to investors who will not occupy Oakland Square Cooperative as their permanent, full-time residence.
What are the units like?
All Oakland Square Cooperative units, except the one-bedroom units, are townhouses with basements. The living area is on the first floor and the bedrooms are upstairs. The one-bedroom units are one-floor and include a utility room. Each unit has gas heat and is equipped with a washer and dryer hook-up. The refrigerator and gas stove are supplied by the Cooperative. The standard unit has hardwood floors. Improvements to the unit may include any or all of the following items: Finished basements, central air conditioning, carpeting, ceiling fans or dishwasher.
How can I see a unit?
Oakland Square does not have a model unit available for viewing. As current owners contact us to let us know that they will be moving, we will give out your name and number to the seller so that you can see the specific unit for sale.
How to Apply for Membership
Contact Oakland Square for the membership application. You must have the address of the unit you are purchasing/ interested in, in order to receive the application. Oakland Square does not keep record of the current units for sale. It is the current members responsibility to list their unit and provide their own buyer.
The application must be filled out completely. Any missing information will simply delay the processing time. The application process (including attendance of an orientation meeting) takes between 4 - 6 weeks. It is the responsibility of the applicant to bring an interpreter to the orientation meeting, if necessary.
Other Income Verification: Applicants with pensions or social security benefits may provide a copy of your social security benefit letter or other documents received from SSA. Pensions may be documented with a copy of your bank statement or income tax return.
If you receive child support benefits: As of January 1, 2005, Michigan Court Rule 3.218 states that companies like ours no longer have authorization to request verification information on child support benefits received. Payment histories can be requested and mailed to your home by calling the Interactive Voice Response system (IVR at (248) 858-1565 or by appearing in person at the FOC office. Please include a copy of your Payment History with your application package.
Your application will take approximately 2-4 weeks to process. In order to remit the correct Application Fee, please complete the Application Fee Worksheet that is included in this packet. The application fee is required to process your application and is non-refundable.
Upon receipt of all the properly completed forms, the application package will be forwarded to the Oakland Square Cooperative Membership Committee for their review. You, and all members of your household over the age 18, must attend a membership meeting in order for your application to be approved. You will be notified by mail or telephoned as to the time, date and location of this mandatory meeting. Membership meetings are scheduled by the membership committee and are generally held once a month, depending on the number of pending applications and/or upcoming available units. Upon approval by the Membership Committee
Thank you for your interest in Oakland Square Cooperative. Please feel free to call us at any time if you have any further questions or concerns.
Selling your unit?
Contact us for your move out package
