Shareholder Education Sessions
In order for conversion to a condominium to occur, the
Shareholders must vote to permit the Board of Directors to pursue the
dissolution and restructuring of the Corporation. Prior to the vote,
ROA Hutton, with the approval of the Board of Directors of the
cooperative, will schedule a series of educational meetings for you in
order to inform you of the benefits, advantages and costs of the
conversion and other issues which may affect your vote. The
information presented in this web site is made available to help you
make an informed vote between remaining a cooperative or converting to
a condominium.
The Vote
Notices and a Proxy/Ballot for the vote will be distributed to
all the Shareholders calling for a Special Meeting. The Shareholder
will be asked to vote on a resolution that allows the Board of
Directors to pursue dissolving the Corporation and replacing the
cooperative with a condominium. All Shareholders are strongly urged to
complete the Proxy/Ballot prior to the meeting date, even if you
intend to be present at the meeting. This will assure that your voice
is heard and your vote is counted.
New Condominium Regime Created
Assuming the Shareholder votes "Yes" to allow the
Board to pursue dissolution, ROA Hutton, with the participation of
your Board, will prepare all the required documents including the
master deed, bylaws, rules and regulations and other material
necessary to form the new condominium. These documents will be filed
with the appropriate authorities.
Loan Applications
Shareholders will be encouraged to complete loan
applications if needed for their individual portion of the debt now
owed by the cooperative as well as their own existing share loan.
Assuming the shareholder votes "Yes" to allow the Board to
pursue dissolution, we will send out loan applications. Each
shareholder will be able to schedule a time to meet with an ROA
representatives who will assist in completing their loan applications.
The applications will be taken on-site. Flexible dates and times will be made
available that each shareholder is personally accommodated.
Closing
Settlement occurs once all loans have been approved and a
closing date has been selected. The shareholders will close their
loans in an escrow or simultaneous closing over a two or three day
period. Attorneys will conduct the closings and staff will be
available to answer any individual questions one-on-one. Immediately
following closing, shareholders' new deeds and mortgages will be
recorded.
Marketing
Post-conversion marketing is conducted after the building has
converted to a condominium. The purpose of this marketing plan will be
to maximize the value of all units in the building by re-introducing
the building/complex as a condominium to the real estate community and
through limited regulation of the marketing of units as volume and
selling prices for a certain period of time.
