The Co-op to Condo Conversion Specialists™
Twin Pines Closings
Twin Pines Cooperative Community, Inc.
Condominium Conversion
The Hutton Group is pleased to announce we are now ready to complete the conversion of Twin Pines Cooperative Community to a Condominium form of ownership.
Closing Documents
All Twin Pines shareholders should have received a package enclosed with documents prepared specifically for each individual unit. The documents included will be used as the "Closing Documents," some of which will ultimately be recorded with the County Registry. Please review all pages carefully and let us know immediately if there are any corrections needed, such as the spelling of your name, marital status, address, manner of holding Title (refer to attachment - Concurrent Co-Ownership Interests), etc. If you still have any questions on how to hold Title, you may want to consider professional advice.
We provide a brief description and explanation of each document below:
- Unit Deed – Transfers ownership of your unit as a condominium from the Cooperative to you.
- Assignment and Assumption of Lessor’s Interest in Occupancy Agreement and Merger of Interest – Assigns the Cooperative’s interest as the Landlord in your Occupancy Agreement to you. This has the effect of making you the holder of both the Landlord’s and Tenant’s interests. This document also allows for the merger of estates (i.e. Occupancy Agreement into the Deed) and results in you holding a fee simple interest in your unit as a condo in the new Twin Pines Condominium Community.
- Distribution Agreement – Sets out the process by which your unit is being “distributed” to you as part of the dissolution and conversion of the corporation to a condominium form of ownership.
- Preliminary Change of Ownership Report – This document is used to inform the county of the transfer of your unit to you as a condominium. If you accepted the condo unit without any change in the ownership then you should have no reassessment of your property for tax purposes due to the conversion.
- Modification of Deed of Trust – You should see this document if you have a loan on your co-op. This recorded document redefines the description of your unit as a condominium rather than a leasehold interest (co-op) for purposes of acting as the collateral for the current loan you maintain with your lender.
- Promissory Note and Deed of Trust for Conversion Fee – You should see this document ONLY if you are paying your Base Conversion Fee in Installments. This is the loan and security for the 4-year financing offered by Hutton to pay only for the Base Conversion Fee. Your first month’s payment is due upon signing of the documents on or before October 27, 2014.
- Memorandum of Occupancy – You should see this document only if your co-op Occupancy Agreement needs to be recorded. This has been made necessary as a corrective process since some of the Occupancy Agreements from 2005 were mistakenly not recorded which Hutton discovered during it title review.
Away Closing
If you are not in the area or you are unable to meet onsite with the Notary, you may have these documents notarized by a local notary of your choice at your expense. Once you have had all documents notarized with your signature, you must mail back ALL the documents contained in this package with the ORIGINAL signatures and the required payment(s) in the self-addressed envelope provided. Please do not forget to include all your payments for conversion services and Title (discussed below).
Reserve Your Closing & Notary Service Time
Select October 27th in the calender below and click your preferred time slot for your Twin Pines Closing. A form will then appear below. Please fill in the form and click submit.
You will immediately receive an email confirming your booking.
[app_monthly_schedule service=”1″ date=”2014-10-01″ long=”1″ title=”” logged=”October 2014“]
[app_confirmation note=”Optional note:”]
Document Review
We urge you to review all the attached documents IMMEDIATELY and not wait until the day of signing to ask questions or make request for changes. Also, you can review the recorded governing document for the new Twin Pines Condominium Community by CLICKING HERE. If you desire a hard copy of the recorded governing documents, one can be provided to you at a cost of $40.00 by contacting our office via phone or email.
While it is not required that you be represented by an attorney at closing, you have the right to review the documents with an attorney at your own cost and expense.