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Buying in Leisure World of Maryland - There are 3 Types of Ownership

Buying in Leisure World of Maryland -
There are 3 Types of Ownership

LW Globe Pic 2017

 

Leisure World of Maryland is a private, age-restricted community located in Montgomery County , MD.

The Leisure World Community was originally constructed in September of 1966. The 610 acre parcel is fenced and entry is limited to residents and guests by using any of the three manned gatehouses located on Georgia Avenue, Norbeck Road and Connecticut Avenue.

There are approximately 8,500 people residing in the community which is sub-divided into 29 housing associations which are referred to as mutuals.

The community amenities include an 18 hole golf course, two clubhouses (both indoor and outdoor swimming pools), tennis court, dining facilities, bus transportation (both within the community and to outside shopping centers), a medical center and pharmacy, and complete maintenance services.

Leisure World also publishes it's own community newspaper, Leisure World News . . . published the first and third Tuesdays of each month.  The newspaper contains a calendar of events along with reports from the general manager, articles and advertisements relating to the Leisure World community as well as its residents.

 LW Houses Group Graphic

 

TYPES OF OWNERSHIP IN LEISURE WORLD OF MARYLAND

MUTUALS

The "Mutual" refers to the associations that are the governing bodies of each  Cooperative, Condominium or Fee Simple group.

Montgomery Mutual is the governing body for all of the Co-operative units.

All Fee Simple and Condominium governing bodies have numerical designations.

 

3 TYPES OF OWNERSHIP:

1) Fee Simple,

2) Condominium (Condo)

3) Co-operative (Co-op)

 

1) FEE SIMPLE OWNERSHIP with Home Owner's Association

The single family residences, located in Mutual 25, are fee simple ownership.  The owners are responsible for the upkeep and maintenance of the home.  However, these homes belong to a Home Owner's Association with a monthly fee covering: water, basic cable, snow removal, lawn maintenance, and gutter cleaning. 

 

2) CONDO OWNERSHIP with Home Owner's Association

This means the owner of each apartment or home holds a fee simple title to his/her living unit and a specified share of the indivisible part of the building and land, known as common elements.  The individual unit owner in a condominium owns the "common elements" as "tenant in common".  The condo and HOA monthly fees are combined into one payment and the items covered vary by Mutual.

 

3) CO-OP OWNERSHIP with Home Owner's Association

An owner of a co-op unit owns shares of stock in the Corporation that holds title to that building, but does not own the unit itself. They are stockholders in the owning corporation and stock ownership gives them a proprietary lease to their living unit for the life of the corporation.  The co-op and HOA fees are combined into one payment which covers all utilities except telephone.  Exterior and interior maintenance are the responsibility of the Mutual.  Co-operative ownership applicants must be approved by the Board of Directors.  These residences are comprised of the original group of garden apartments and two level townhomes.

 

Each mutual contributes a percentage of their monthly fee to Leisure World to enable the residents to participate in community activities.  Golf, swimming, and tennis require additional fees -see attached schedule.

 

Contact Barbara Michaluk, Realtor and Authorized Leisure World Specialist for more info about any property for sale in Leisure World of Maryland

Phone 240-506-2434 or email: michaluk@verizon.net

 

Click Here for All Properties for Sale in Leisure World of Maryland

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Barbara Michaluk, Realtor

Phone 240-506-2434

Email: michaluk@verizon.net  /  Web: BarbaraSellsMDhomes.com

Authorized Leisure World Specialist / Senior Real Estate Specialist /
Internet Marketing Specialist / Certified E-Pro / Certified Staging Agent

Weichert Realtors / 3816 International Dr / Silver Spring, MD 20906

Authorized Leisure World Specialist     Barbara Michaluk Graduate Internet Marketing Specialist Barbara Michaluk Senior Real Estate Specialist   

Comment balloon 0 commentsBarbara Michaluk • July 05 2018 03:14PM
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