Who governs and manages the cooperative?
The Cooperative is governed by a five-member Board of Directors elected from the membership. The board is bound by the By-laws of the Cooperative and their rules and regulations. The board develops the budget, Rules and Regulations, works with the resident manager in the administration of the budget and regulations, and organizes monthly membership meetings.
The management company and resident manager carry out administrative and management duties such as securing contractors and overseeing the work authorized by the board of directors. They also manage personnel, such as part-time housekeepers and maintenance workers. Summerhill is managed by FirstService Residential.
How does owning a co-op with its charges compare to owning a home?
When comparing the annual cost of living in a home, including all the maintenance and utilities, vs. the co-op’s monthly charges, cooperative living usually turns out to be more advantageous.
How do I purchase a Summerhill membership?
Call for a personal tour at which time the purchase procedures, as well as charges and comparisons of living in a house vs. a co-op, will be explained. The by-laws and rules and regulations will be reviewed. At closing, the cost will be the stated share price of the unit.
What are the members’ responsibilities?
Upon joining, members sign an Occupancy Agreement which specifies, in contract form, the members’ rights and responsibilities as stated in the By-laws and Rules and Regulations under which the cooperative is governed. Members must carry their own personal HO6 insurance, and pay for their own electricity, telephone, and WiFi. Residents are expected to care for their unit, including its appliances, carpets, and other fixtures. Since it is a cooperative, i.e. collaborative living, residents are encouraged to volunteer to serve on committees and/or the board of directors.
Can I modify or remodel my unit?
All modifications must be approved by the Board of Directors. Most modifications are made when an item such as a dish washer needs replacement. At this time, the owner, at his own expense, can pay for an upgrade to the appliance. Replacement of appliances, carpet, and other such items are made when necessary and according to the reserve schedule.
How are the fees determined?
The monthly fees are calculated at a determined rate based on the budget, and prorated among homeowners depending on the size of their unit.