Chicago Cooperatives: Most Chicago co-ops are incorporated and
a board of directors governs the complex with the owner of each individual
unit having one vote. The owner has no deed, only stock and a proprietary
lease which has a term from 10-50 years renewable automatically or
at the discretion of the shareholders. He/she cannot refinance his
unit as a condo owner can. Mortgage, property tax and maintenance
fees are paid pro rata by the owner according to the percentage of
the overall size of the unit. Property tax appeals involve the corporation
and the stockholders. A housing cooperative is formed when people
join with each other on a democratic basis to own or control the housing
and/or related community facilities in which they live. Usually they
do this by forming a not-for-profit cooperative corporation. Each
month they simply pay an amount that covers their share of the operating
expenses of their cooperative corporation. Personal income tax deductions,
lower turnover rates, lower real estate tax assessments (depending
on applicable Illinois tax laws), controlled maintenance costs,
and resident participation and control are some of the benefits of
choosing cooperative homeownership.
Ask owners in the complex what they like and dislike about both the
unit and the complex. How good is the sound proofing? End units and
upper units generally sell for more when sound comes into play. How
is its location in the complex? Is it near downtown Chicago or will
you have to commute? Next to an access street, parking facility, pool?
Compare monthly association fees with other similar condo complexes
and what amenities are included. Find out if any increases in fees
or special assessments are planned. Is the condo homeowners' association
in good financial condition. Before making a purchase offer, obtain
the latest financial statement from the homeowners' association. Look
for units that are not adversely affected by these. When buying into
a cooperative in Chicago, it is always good to ask lots of questions.
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