HOW IT WORKS
A cooperative is a joint ownership in a housing development in which members own a share of the building, land, and common areas, the value of that share is based on the size of the home. Members pay a monthly fee based on their share, which is used to cover the operating cost. Cooperatives are operated by their members, with a member-elected Board of Directors and a manager on site.
PLANNING FOR YOUR FUTURE
Consider your future. Plan a lifestyle change now, to make it easier for you and your family. Find a community for great support, a safe environment and freedom from all maintenance.
MAINTENANCE-FREE LIVING
No repairs or maintenance of anything in your home. No replacement costs ever again. No more indoor or outdoor upkeep. More time to do what you love.
FRIENDSHIP AND SUPPORT
Enjoy great social connections, or be as private as you want. Imagine living close to your new best friends, where there is always something to do and someone to talk to.
AMENITIES
Cooperatives have amenities that aren't available in condominiums or apartments. Enjoy the outdoor patio area, try a yard game, or grill out with your friends and sit around the firepit. You can take advantage of the fitness room, share a game of cards, or join other Members for a watch party in the Great Room. The Great Room is also available to reserve for family functions or parties. Golfers will enjoy the close proximity of Brown Deer Golf Course
RE-SALE OF UNIT
Cooperatives over the years have proved to have great resale value. Many owners will live in cooperatives the rest of their lives. If you need to resell, you go to the manager of the building and advise of your intention to sell. The manager will contact those on the prioritized wait list to see who is still interested and coordinate with the resale. There is a non-negotiable transfer fee of $1,000. The member will resell for the original investment, plus the accrued equity each year; Cooperatives use the Limited Equity Formula, and will set a percentage, and has the option to change over time. Currently it is 2.5%
PURCHASE PROCESS
Our Property Manager is here to guide you through every step of the process, making your transition smooth, transparent, and comfortable.
Join the Waitlist
If you are interested in becoming a Member, we recommend placing a $250 refundable deposit to join our waitlist.
Unit Becomes Available
When a unit becomes available, individuals on the waitlist are contacted before the home is marketed publicly. At that time, you may schedule a tour and will receive detailed information about:
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The share price
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Any upgrades or improvements
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The monthly fee
Application Process
After the Letter of Intent to Purchase is accepted, a Membership Application will be completed. Financial information will be verified, and a background check will be conducted as part of the approval process.
Disclosure Meeting & Earnest Money
Next, you will attend a disclosure meeting where the Cooperative’s legal and organizational documents are reviewed and any questions are answered.
At that time, $5,000 in earnest money is collected to secure your intent to purchase the unit. This amount is applied toward your share purchase at closing.
Closing & Welcome Home
Once approved and all documentation is complete, closing will be scheduled. At closing, the remaining balance of your share purchase is paid, final paperwork is signed, and your Membership officially begins.
You’ll receive your keys and be warmly welcomed into the Brown Deer Cooperative — where convenience meets community.
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