Buying in Rossmoor is a different process than outside general real estate. It is important to use an agent that specializes in Rossmoor as there are many specifics and procedures exclusive to Rossmoor of which this knowledge is vital to a successful and smooth transaction. Most purchases in Rossmoor are all cash but not always the case. FHA Loans are not available in Rossmoor but mortgages are. It is important to have a loan agent that is experienced in Rossmoor. The Co-op’s have just one particular bank out of Ohio (Nation Cooperative Bank) that will fund with a minimum of 35% down. Every listing is unique and my guidance on each particular property and about Rossmoor will be given from making an offer throughout the entire escrow process.


Condominiums are either vertically stacked or horizontal units. An individually owned portion is called a unit or manor and consists of interior space within a defined set of walls, floors and ceilings. Condominium owners are responsible for the maintenance of the interior space of the unit and also the furnace, air conditioning and water heater. The condominium owner has exclusive use of deck, patios and parking areas assigned or attached to their unit. In a condominium association, each homeowner owns a share of all the common area in the association. For example, if there are 75 homeowners in the Mutual, each homeowner owns 1/75th of the Mutual, not necessarily the land under of near the home. The home can be placed in a trust or willed to heirs like other property. A grant deed is issued upon closing. Mortgages are available, but not FHA loans.


In a Co-op the buyer is purchasing a membership in a corporation. The buyer is not purchasing a specific manor but is buying an equity position in a corporation. The corporation owns all the buildings and the lands within the association. The buyer signs an occupancy agreement, which is similar to a rental agreement. Co-op buyers are responsible for the maintenance of the interior space of their home. They have exclusive use of that space and a carport space. The Homeowner Association maintains the exterior of the building, the furnace, air conditioner, and some kitchen appliances. Co-ops can be put in wills and in trusts. Co-ops cannot be owned by a corporation. A membership certificate is issued upon closing. Co-ops are financed by the National Cooperative Bank (out of Ohio). Taxes are paid monthly instead of twice a year. Buyer’s must qualify financially and be approved by Rossmoor, showing liquid assets of at least $50,000 and gross income 3 ½ times the monthly HOA dues + taxes.

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