Property Management

Stock Cooperatives - Coops

Tenants in Common Housing

Tenancy in Common Property Management


StockCooperatives.net

CoastManagement.net provides property management services for Stock Cooperatives (Stock Coops - Stock Co-ops), Tenants-in-Common (TIC) residential housing communities, and homeowner associations throughout Southern California. We have been in business since 1987.

The staff of CoastManagement.net is knowledgeable, experienced and highly motivated, providing attentive and responsible support. When you hire Coast you hire more than a manager - you hire a team of professionals. CoastManagement.net provides services that can be customized for your specific requirements.

We have a simple and effective approach: we serve every client as if they were our only client. Please call us Monday - Friday between 9:00 a.m. and 5:30 p.m. We will be pleased to review your homeowner association management needs and prepare a proposal that best meets your requirements. Not all property management companies are the same. The property management company you select will have a profound effect on the value and desirability of your home.

Michael Chulak, President of Coast is a real estate and homeowner association attorney, general contractor and Certified Property ManagerŪ with over 30 years of experience managing common interest developments.

 

Stock Cooperatives – Coops

A stock cooperative (Coop) is a common interest development (CID) which is subject to the Davis – Stirling Common Interest Development Act.

When you own a Coop, you own a share in a corporation. The corporation owns the building(s) and land, which are the common areas. In addition, you become the lessee in a long-term lease or occupancy agreement giving you the exclusive right to occupy your unit, lot or space. The lessor is the corporation.

In California, a Coop is an interest in real estate. It is not an interest in personal property. As the owner of a Coop, you receive a share of stock or a membership certificate.

 

Tenancy in Common (TIC) Housing

Tenancy in Common Housing (TIC Housing) is a form of joint ownership of real property. All tenants in common are named on the deed to the property and each owns a percentage. Tenants in common usually sign a TIC Agreement giving each tenant in common the exclusive right to occupy a particular unit, lot or space.

TIC Housing is most often the result of converting an apartment building (rental housing) where the building does not meet the local government’s minimum requirements for condominiums or Coops. Generally, condominiums and Coops require more parking than TIC Housing.

 

No Conflict Policy

Why CoastManagement.net Does Not

Provide Property Maintenance Services Directly

CoastManagement.net does not provide property maintenance services directly (including landscape maintenance) because we believe that providing these services directly creates a conflict of interest with management clients that cannot be addressed satisfactorily.

Management companies have the responsibility (a fiduciary duty) to make certain that their clients receive the greatest value possible for every dollar spent on property maintenance services. This means the management company must make certain that their clients do not pay an excessive billing rate, do not pay for an excessive number of hours billed, do not pay for inferior work, do not pay for unnecessary work, and that maintenance is scheduled so as to minimize the number of service calls in order to minimize the client’s overall cost.

Companies that provide property maintenance services directly are in business to maximize their profit. This legitimate goal is in direct conflict with the property owner’s goal of minimizing maintenance costs. We believe a management company cannot reconcile this conflict of interest if it provides maintenance services directly to its clients. For example, it is possible that the need to meet payroll costs could influence the management company’s judgment as to how much maintenance is "necessary" at your building.

A management company that hires only independent, third party property maintenance companies has the incentive and ability to fully protect property owners without regard to the profitability of the maintenance operation. A management company that provides maintenance services directly may not have the same incentive or ability.

By law, a management company, as agent for the owner, has the duty to put the client's interest above its own. CoastManagement.net is in a position to do exactly that. We take our responsibility seriously.

Our company owns a 50% interest in CoastSecurityServices.com, a California Corporation. The company installs and monitors burglar and fire alarm systems in private homes, businesses and other locations. It also installs video surveillance cameras to enhance security on private property. CoastSecurityServices.com does not provide property maintenance services, and repairs only security related equipment.



Mission Statement

  • Our goal is to serve the people living in the communities we manage, providing good stewardship and advice at all times.

  • Our goal is to increase the value of your home by improving the appearance of your association's common areas, and by assisting your board in enforcing the rules of your association consistently, fairly, without bias, and in accordance with California law.

  • Our goal is to make your community a place where members enjoy living and consider the existence of the CC&Rs something positive, not negative.

  • Our goal is to assist your board in running your association in a business-like manner by implementing their decisions in a timely manner.

  • Our goal is to use our position as property managers to protect and improve our environment while conserving valuable resources.

  • Our goal is to help your board match assessment income to realistic budgeted expenses so that adequate reserves can be set aside thus avoiding special assessments.

  • Our goal is to respond to the phone calls or emails of board members within five business hours and to all association members within 24 hours.

  • Our goal is to have our staff live by the Golden Rule at all times.

For additional information about Stock Cooperative or Tenants in Common property management, please visit:

Homeowner Association Management

Homeowner Association Questions and Answers

HOA - TIC Attorney

Legal Seminars.net


Please call Michael Chulak for a property management proposal or additional information and visit Glossary of HOA Insurance Terms.

 



StockCooperatives.net

Stock Cooperative Property Management

Tenants in Common Property Management






 

Glossary of HOA and CID Terms

This glossary of homeowner association (HOA) and common interest development (CID) terms was prepared by the law firm of Michael T Chulak & Associates for non-attorneys to assist them in the management of their community associations. This HOA and CID glossary is general legal information only and is not intended to be legal advice. If you need legal advice, you should consult with an attorney licensed in your state.

 

Agent

Agent refers to someone authorized by another (principal) to act for or in place of the principal; one entrusted with another’s business.

 

Alternative Dispute Resolution

Alternative Dispute Resolution means mediation or arbitration as opposed to litigation.

 

Appurtenant

Appurtenant means belonging to, or connected with the use of something.

 

Articles of Incorporation

Articles of Incorporation is a document filed with the state which sets forth general information about a corporation. The filing of this document creates the corporation. Specific rules of the corporation are contained in the bylaws.

 

Assessment

Assessment is the fee or dues payable by members of an association, usually monthly. Assessments are determined annually in advance by the board of directors as part of the budgeting process.

 

Association

Association means a non-profit corporation or unincorporated association created for the purpose of managing a common interest development.

 

Board of Directors

Board of Directors is the governing body of a corporation such as an association. The board is elected by the members of the association who elect the officers. The directors and officers have a duty to comply with the governing documents of the association and all applicable laws.

 

Board Meeting

Board Meeting includes any congregation of a majority of the board members at the same time and place to hear, discuss or deliberate upon any item of business scheduled to be heard by the board, except those matters that may be discussed in executive session.

 

Bylaws

Bylaws are the rules adopted for governing a corporation such as an association. The bylaws address such things as elections of both directors and officers, the holding of meetings, rights to notice and the powers of directors and officers.

 

CC&Rs

See Declaration.

 

Common Area(s)

Common Area(s) means the entire common interest development except for the separate interests. California law requires the association to maintain the common areas other than exclusive use common areas unless otherwise provided for in the CC&Rs. The common areas typically include, but are not limited to landscaped areas, driveways, pools and elevators.

 

Common Interest Development

Common Interest Development means any of the following:

1) A condominium project,

2) A planned development, or

3) A stock cooperative

 

The distinction between a condominium and planned development is very significant as it relates to the issue of termites and dry rot.

 

Condominium

Condominium consists of an undivided interest in real property, which is the common area, coupled with a separate interest in space called a unit, the boundaries of which, are described in the condominium plan.

 

Under California law, condominium associations are responsible for the repair and maintenance of the common areas occasioned by the presence of wood destroying organisms (termites and dry rot) unless the CC&Rs indicate otherwise.

 

Condominium Plan

Condominium Plan means a description of a condominium project indicating all dimensions in sufficient detail to identify the common areas and each separate interest. The condominium plan is a recorded document.

 

Co-op

See Stock Cooperative.

 

Coop

See Stock Cooperative.

 

Davis-Stirling Common Interest Development Act

Davis-Stirling Common Interest Development Act refers to sections 1350 through 1376 of the California Civil Code. These sectors along with other sections of the California codes deal with common interest developments.

 

Declarant

Declarant means the person or persons who signed are established the CC&Rs. This is nearly always the builder.

 

Declaration

Declaration or CC&Rs (Covenants, Conditions and Restrictions) is a recorded document that sets forth the restrictions on the use or enjoyment of any portion of the common interest development that are intended to be enforceable equitable servitudes. Unless the Declaration states otherwise, these servitudes may be enforced by any owner of a separate interest or by the association, or by both.

 

Directors & Officers Liability Coverage

Directors & Officers Liability Coverage is insurance coverage that protects board members in lawsuits due to actions taken on behalf of the homeowner association. It also covers errors and omissions by board members.

 

Easement

Easement means the right that someone has in the land of another, such as the right to cross Parcel A to get to Parcel B.

 

Employee

Employee is a worker that performs services subject to the will and control of the employer, both as to what will be done and how it will be done. The employer establishes hours of work, may provide training and the worker may not assign anyone to do the required work.

 

Exclusive Use Common Area(s)

Exclusive Use Common Area(s) is a portion of the common area designated in the CC&Rs for the exclusive use of one or more, but fewer than all of the owners of separate interests.

 

Unless the CC&Rs provide otherwise, the following are exclusive use common areas:

 

1) Awnings

2) Balconies

3) Doorsteps

4) Exterior doors

5) Exterior door frames and hardware

6) External telephone wiring designed to serve a single separate interest

7) Patios

8) Porches

9) Screens

10) Shutters

11) Windows

12) Window boxes

 

California law requires the owner of the adjacent separate interest to maintain the exclusive use common areas.

 

Executive Session

Executive Session refers to a confidential portion of a board meeting. Refer to Open Meeting Act.

 

Fiduciary

Fiduciary means the legal, moral and ethical obligations a person has to fulfill responsibilities to another. In a homeowner association, directors of the association have a fiduciary duty to act in the best interests of the association.

 

Governing Documents

Governing Documents means the CC&Rs, Bylaws, Rules and Regulations and Articles of Incorporation (or Articles of Association).

 

Housing Cooperative

See Stock Cooperative.

 

Independent Contractor

Independent Contractor is a worker hired to do a specific job over which the employer has no right to control the manner in which the work is done. The worker is generally licensed and offers services to the public. Independent contractors establish their own hours and receive no training. Independent contractors are free to assign work to others, if they determine to do so.

 

Insurance Coverage Forms

1) Guaranteed Replacement Cost Coverage with Full Building Code Upgrade is insurance that pays replacement cost, without regard to policy limits and includes costs resulting from code changes. The amount of recovery will be reduced by any deductible.
   
2) Guaranteed Replacement Cost Coverage with Limited or No Building Code Upgrade is insurance that pays replacement costs without regard to policy limits, but limits or excludes costs resulting from code changes. The amount of recovery will be reduced by any deductible.
   
3) Replacement Cost Coverage is insurance that pays replacement costs up to policy limits based upon like or equivalent construction. The amount of recovery will be reduced by any deductible.
   

Lien

Lien is a recorded claim against a property, including Assessment Liens, Deeds of Trust and unpaid taxes.

 

Management Agreement

Management Agreement is the contract between an association and management company setting forth the rights and obligations of the parties. These agreements may be “full service” or “financial service” contracts. Some management companies provide more services than others.

 

Mechanics’ Lien

Mechanics’ Lien is a right provided by law to individuals and businesses that make improvements to real property and who are not paid. Mechanics include any worker or business that supplies building materials or labor for the construction or improvement of real property.

 

Meeting of Board

See Board Meeting.

 

Open Meeting Act

Open Meeting Act refers to the Civil Code Section that permits any member of an association to attend board meetings, except when the board adjourns to executive session to consider litigation, matters relating to the formation of contracts with third parties, member discipline, personnel matters, or to meet with a member, upon the member’s request, regarding the member’s payment of assessments.

 

Operating Rule

Operating Rule means a regulation adopted by a board of directors that applies generally to the management and operation of the common interest development or the conduct of the business of the association.

 

Planned Development

Planned Development means a common interest development other than a condominium, or stock cooperative. The common area is often owned by the association, however, it may also be owned in common by the owners of the separate interests. The separate interest is a lot, parcel, area or space, not a unit.

 

Under California law, in a planned development, each owner of a separate interest is responsible for the repair and maintenance of that separate interest as may be occasioned by the presence of wood destroying organisms (termites and dry rot) unless the CC&Rs indicate otherwise.

 

Proforma Budget

Proforma Budget is an annual budget for the association setting forth the estimated revenue and expenses along with a summary of the association’s reserves based upon the most recent reserve study. A copy must be distributed to all association members not less than 30 days nor more than 90 days prior to the beginning of the association’s fiscal year.

 

Proxy

Proxy is the power granted by one person to a representative to vote for the person. A proxy form is often completed by an owner who is unable to attend a homeowner meeting so that a quorum can be achieved at the meeting.

 

Reserve Study

Reserve Study is a written report which identifies all of the major components which the association is obligated to repair, replace, restore or maintain having a remaining useful life of more than two years and less than 30 years as of the date of the study. The report estimates the remaining useful life of each component and the amount of funds the association must set aside each month (Reserves) in order to have the cash available to make all necessary repairs and replacements. It is a cash flow report. California law requires most all associations to obtain a reserve study at least every three years.

 

Reserves

Reserves are the funds set aside for repairs and replacements to be made by an association as determined by a reserve study.

 

Separate Interest

Separate Interest has the following meanings:

 
1) In a condominium project, “separate interest” means an individual unit or separate interest in space. See “Condominium.”
   
2) In a planned development, “separate interest” means a separately owned lot, parcel, area or space.
   
3) In a stock cooperative, “separate interest” means the exclusive right to occupy a portion of the real property.
   

 

With both condominiums and planned developments, the transfer by sale or foreclosure of a separate interest, includes the automatic transfer of the owner’s undivided interest in the common area or membership interest in the association. Under California law, the owner of each separate interest is responsible for maintaining it.

 

Special Assessment

Special Assessment is an assessment made usually for a special project or in response to a large unbudgeted expense.

 

Stock Cooperative

Stock Cooperative is a project in which a corporation is formed for the purpose of holding title to the property and where the shareholders of the corporation receive a right of exclusive occupancy in a portion of the property (either an apartment, space or home site). The shareholder’s interest in the corporation is evidenced by a share of stock or a membership certificate.

 

Structural

Structural refers to the load-bearing components of a building as opposed to the screening or ornamental elements. Structural lumber is generally, at least a 2 x 4.

 

Townhouse

Townhouse is not a legal form of ownership. It is an architectural style. Townhouses may be condominiums or planned developments. Townhouses are multi-level homes, usually built in rows with individual garages. The homes are not stacked one on top of another so that no owner lives above or below another owner.

 

Undivided Interest

Undivided Interest refers to the type of ownership interest that the owner of a separate interest has in the common area. In a condominium or planned development, this undivided interest consists of a tenancy in common which means that each owner having an undivided interest may use all or any portion of the common area, subject to any restrictions set forth in the Declaration or CC&Rs.


 

Southern California Stock Cooperatives


Following is a list of local stock coops:

 
  • Canyon Ardmore Cooperative Estates, Inc.

  • Casa Mobile Home Park Cooperative

  • Coldwater North Cooperative, Inc.

  • Colfax Ardmore Cooperative Estates, Inc.

  • Fountain Park Cooperative, Inc.

  • Moorpark Ardmore Cooperative Estates, Inc.

  • Oxnard Ardmore Cooperative Estates, Inc.

  • Park Villa Mobile Home Estates, Inc.

  • The Sandpiper Cooperative Apartment Corporation

  • Seminole Springs Mobilehome Park, Inc.

  • South Del Amo Pacific Cooperative Apartments, Inc.









Areas Served:

Los Angeles County:

Acton, Agoura, Agoura Hills, Agua Dulce, Alhambra, Altadena, Arcadia, Arleta, Artesia, Avalon, Azusa, Baldwin Hills, Baldwin Park, Bassett, Bell, Bell Canyon, Bell Gardens, Bellflower, Beverly Hills, Bouquet Canyon, Box Canyon, Burbank, Calabasas, Calabasas Hills, Canoga Park, Canyon Country, Carson, Castaic, Century City, Cerritos, Chatsworth, Claremont, Commerce, Compton, Covina, Cudahy, Crystalaire, Culver City, Del Sur, Diamond Bar, Downey, Duarte, East Los Angeles, East Rancho Dominguez, El Monte, El Segundo, Encino, Firestone Park, Flintridge, Gardena, Glassell, Glassell Park, Glendale, Glendora, Granada Hills, Hacienda Heights, Hawaiian Gardens, Hansen Dam, Hawthorne, Hermosa Beach, Hidden Hills, Highland Park, Hollywood, Huntington Park, Industry, Inglewood, Irwindale, La Canada Flintridge, La Crescenta- Montrose, La Habra Heights, La Mirada, La Puente, La Verne, La Canada, Lake Hughes, Lake Los Angeles, Lake View Terrace, Lakewood, Lancaster, Lawndale, Leimert Park, Lennox, Leona Valley, Lincoln Heights, Littlerock, Lomita, Long Beach, Los Angeles, Lynwood, Malibu, Manhattan Beach, Marina Del Rey, Maywood, Mission Hills, Monrovia, Monte Nido, Montebello, Monterey Park, Mount Baldy, Mount Wilson, Newhall, North El Monte, North Hills, North Hollywood, Northridge, Norwalk, Pacoima, Palisades, Palmdale, Paramount, Pearblossom, Pico Rivera, Pomona, Quartz Hill, Rancho Dominguez, Rancho Palos Verdes, Rancho Park, Redondo Beach, Reseda, Ritter Ranch, Rolling Hills, Rolling Hills Estates, Rosemead, San Dimas, San Fernando, San Gabriel, San Marino, San Pedro, Santa Clarita, Santa Fe Springs, Santa Monica, Saratoga Hills, Saugus, Sherman Oaks, Sierra Madre, Signal Hill, South El Monte, South Gate, South Pasadena, Stevenson Ranch, Studio City, Sun Valley, Sun Village, Tarzana, Temple City, Toluca Lake, Topanga, Torrance, Tujunga, Universal City, Val Verde, Valencia, Valley Village, Van Nuys, Venice, Vernon, Walnut, Walnut Park, West Covina, West Hills, West Hollywood, West Los Angeles, West Toluca Lake, Westchester, Whittier, Wilmington, Windsor Hills, Winnetka, Woodland Hills.

Ventura County:

Camarillo, Channel Islands, Faria Beach, Fillmore, Moorpark, Newbury Park, Oak Park, Oak View, Ojai, Oxnard, Port Hueneme, Santa Paula, Saticoy, Somis, Simi Valley, Thousand Oaks, Ventura (San Buenaventura), Westlake Village.

Orange County:

Aliso Viejo, Anaheim, Balboa Island, Brea, Buena Park, Corona Island, Costa Mesa, Cypress, Dana Point, Foothill Ranch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, La Palma, Ladera Ranch, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forrest, Los Alamitos, Mission Viejo, Newport Beach, Newport Coast, Orange, Placentia, Rossmoor, San Clemente, San Juan Capistrano, Santa Ana, Santa Ana Heights, Seal Beach, Stanton, Tustin, Tustin Foothills, Villa Park, Westminster, Yorba Linda.

San Bernardino County:

Adelanto, Apple Valley, Barstow, Big Bear, Big Bear City, Chino, Chino Hills, Colton, Crestline, Fontana, Grand Terrace, Hesperia, Highland, Joshua Tree, Lake Arrowhead, Landers, Loma Linda, Montclair, Morongo Valley, Needles, Ontario, Rancho Cucamonga, Redlands, Rialto, Running Springs, San Bernardino, Twentynine Palms, Upland, Victorville, Yucaipa, Yucca Valley.

Santa Barbara County:

Ballard, Buellton, Carpinteria, Gaviota, Goleta, Guadalupe, Hollister Ranch, Hope Ranch, Isla Vista, Lompoc, Los Alamos, Los Olivos, Mission Canyon, Mission Hills, Montecito, Orcutt, Santa Barbara, Santa Maria, Santa Ynez, Solvang, Summerland, Toro Canyon

Riverside County:

Anza, Banning, Beaumont, Bermuda Dunes, Blythe, Cabazon, Calimesa, Canyon Lake, Cathedral City, Cherry Valley, Coachella, Corona, Desert Hot Springs, East Blythe, East Hemet, El Cerrito, Glen Avon, Hemet, Highgrove, Home Gardens, Homeland, Idyllwild-Pine Cove, Indian Wells, Indio, La Quinta, Lake Elsinore, Lakeland Village, Lakeview, Mecca, Mira Loma, Moreno Valley, Murrieta, Murrieta Hot Springs, Norco, Nuevo, Palm Desert, Palm Springs, Pedley, Perris, Quail Valley, Rancho Mirage, Riverside, Rubidoux, San Jacinto, Sun City, Sunnyslope, Temecula, Thousand Palms, Valle Vista, Wildomar, Winchester, Woodcrest.

California



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