Lease Agreement - Occupancy Agreement
The Co-op is the owner, and has management. This means that each member, by virtue of membership and voting rights in the business of the Corporation, is a part owner of the housing project. The members, however, do not own their individual units. They can not buy, sell or sublet their units. They are guaranteed the exclusive right to occupy the unit, as long as they continue to respect the Charter, Bylaws, Occupancy Agreement, and Policies of the Co-operative.
There are important differences. Some of them have to do with the way the housing is financed, and some of them have to do with the way it operates.
This Co-op was developed with some financial assistance from the three levels of Government: Federal, Provincial, and The City of London. The Co-op operates on a break-even basis. There is no provision for an outside owner-landlord, so the income received from the "members' loan" and "housing charges" is adequate to cover the Co-op's real expenses.
The care that members take of their units and the careful planning that they do for the long term maintenance can affect the costs. The members then benefit directly through a housing charge payment that is reasonable. The Co-op's housing charges will gradually become more favourable through the long term, when compared to the charges for private rental housing, where a profit is made, and where there is little or no resident influence in the management of the complex.
In social terms, the Co-op's goal is to become a community where the members are "at home," and where living is more than existing within four walls. The methods used to foster this special feeling of community may vary from Co-op to Co-op, depending on the personalities and interests of the members. They do it by organizing social gatherings, special interest groups, and liaisons with other Co-operatives. They can do it by paying special attention to each other's human and civil rights, by identifying and accommodating people's special needs, and by being good citizens of the community outside the Co-op.
At Tolpuddle we do not sign a lease agreement but an Occupancy Agreement. The occupancy agreement states its obligations of the coop to the members and responsibilities of the members to the coop. Lease agreement is a contract to pay monthly for a period of time. an Occupancy agreement is not a locked in time period; however, members are required to give a specified notice before moving out, this is 60 days.
You will have to fill out an application from the office. Attend an information session to see what we require from a potential member. This will provide the Co-op with information about you and your housing needs.
The first step is filling out the application. It will provide the Co-op with information about your housing needs, your credit rating, and your potential as a member. If the member criteria are met, you will be notified that you have been accepted as a prospective member.
If you have any questions you can contact us
Most co-ops may also require a new member to pay: