Kings Mill Cooperative has a community clubhouse for its Members. The clubhouse is used to host the monthly meetings of the community, events scheduled by the Activities Committee, and can be rented out by members to host their own events. The clubhouse features a library on the second floor, a full kitchen, and the community pool.
A Cooperative is a not-for-profit Corporation financed by a single overall mortgage on the complex; no second mortgages are allowed. This means that you will be making an all cash purchase. As a non-profit Corporation we sell shares equal to the number of units on the property. These shares are sold to qualified, approved individuals who are then in turn members of the Cooperative through this share purchase.
Please keep in mind that you are not buying real estate. You are purchasing a share of stock in Kings Mill Cooperative.
As the owner of this share, Kings Mill must be your primary residence, as a homestead is claimed for residents. The price of this share of stock is negotiated between the buyer and the seller. There is no guarantee of price at present nor in the future. The right of occupancy of a unit is all that is represented by the purchase of a share of stock. Purchase & occupancy of a share home is on an “As is” basis.
This corporation is managed by a Board of Directors, elected by the Membership. The Board is supported by a number of committees, each chaired by a member of the board, and composed of volunteers from the community. In other words, the Members of our Co-op manage the affairs of our community.
Each Owner-Member pays a monthly carrying charge to the Corporation. Monthly carrying charges cost between $540-$612 per month, and vary based on unit style. Taken from these monthly charges are: taxes, gas utilities for heating, water & sewage, trash removal, use of the recreational facilities, pool, all maintenance of Kings Mill property & accruing of a reserve fund for emergencies. All of your housing expenses are paid except electricity, telephone and cable. After purchasing a share, Members can deduct the estate tax expenses from their Federal Income Tax returns.
Kings Mill has 6 unit layouts within the community and is a market rate Cooperative. Meaning, the sales price of units that are for sale are set by the current owner and then posted onto the Kings Mill website for advertising. Sellers and buyers enter into a purchase agreement through the Cooperative’s Office for all unit sales.
To schedule an appointment to view available units, please contact the Kings Mill office. Please know, there is also an application process to be approved for membership prior to entering into a purchase agreement. All of these processes are completed within the Kings Mill Office.
