The Application Process
The Steps are:
- Complete and submit the membership application
- Interview with the Membership Committee
- Read the documents and attend a Coop training session
- Board approval
- Complete and sign a purchase and sale agreement
- Close on the purchase and sale agreement
How We Process Applications and What to Expect
The Application process is managed by a Membership Committee which reviews all applications and recommends applicants to the Board for membership. Considering applications is a time consuming process and we have structured it carefully to ensure that we have adequate information at each step of the process.
We urge applicants to read the information on this web site so you can tell if cooperative living at Belmont Chambers is for you. Even if it’s not, you might know someone else who’d be interested and you’ve learned a little bit about cooperative housing.
The Membership Committee commits to reviewing all serious applications carefully and takes the process seriously. Various factors such as members time for meetings and interviews, and requests for supplemental information make it impossible to set a firm time schedule for the application process, which can take months. Applicants should not terminate their current housing situation until we have approved their application.
Applying for membership — Three forms need to be filled out and submitted to begin formal consideration of your application. These forms can be downloaded from the FAQ and Forms section of the website as well as the links below.
- Membership Application — This is the formal application you need to submit to the Cooperative’s Membership Committee. It asks for some basic information and your interests in the applying for membership.
- Deposit Verification — This is a confirmation that you have adequate resources to purchase the share. This form is signed and sent in by your bank or credit union who will verify the amount you have on deposit. Your bank may do this electronically. We must receive this directly from your bank.
- Employment Verification — This verifies that you are employed and have sufficient income to pay the monthly carrying charges. Your employer may do this electronically. We must receive this from your employer.
After we have received these forms, you will be contacted by our management company for additional details to run a credit check and a CORI report. The Membership Committee will then determine if you meet the eligibility criteria for membership.
Interview with the Membership Committee — Eligible candidates will be scheduled for an interview with the Committee. At the interview we’ll ask some questions but you will also have an opportunity to talk to members, ask questions about the building, and determine whether the Cooperative is a good housing option for you and your family.
Read the Documents and Attend a Coop Training Session — The Membership Committee will schedule a training session. At the session, we’ll go into greater depth about the financial management and legal documents, the By-Laws, Occupancy Agreement, and the Purchase and Sale process. We want applicants to understand the Cooperative as much as possible and make an informed decision to become a member. You can get a head start by looking at the materials on this website, particularly in the FAQ & Forms page.
Approval by the Board — The Membership Committee will then make a recommendation to the Board. The Board formally approves the application for Cooperative Membership which allows the applicant to negotiate the Purchase and Sale Agreement.
Complete and Sign Purchase and Sale Agreement — The approved applicant and the seller of the unit (usually the Coop) will jointly fill out a Purchase and Sale Questionnaire that will be used by the Coop’s attorney to create the Purchase and Sale Agreement and Closing Documents. The Purchase and Sale Agreement is a contract you sign to purchase the unit where you will submit a non-refundable deposit of about $1,000 towards the purchase.
Closing on the Purchase and Sale Agreement — This the formal legal transfer of the shares where you will pay the remaining payment for the shares, sign the Occupancy Agreement, and officially become a Cooperative Member. This is when you get the keys and can move in to the unit.