Leisure World Seal Beach is a lovely "well-kept" retirement community for active adults 55 and over ... Leisure World is made up of 6,482 co-op units where ownership is evidenced by a stock certificate; and 126 condominium units that are deeded properties totaling 6,608 units in all.
When buying a co-op unit you will become a shareholder in a Mutual Corporation. The Mutual will own the unit, the land and the building. You will own the occupancy rights, have a share hold in the Mutual and common areas and will be considered a tenant in your Mutual. You will receive a Stock Certificate and Membership Certificate showing ownership of the stock attached to the unit that you purchase. The co-op units are on an all cash basis – no financing.
When buying a condominium you own the condo and will get a deed to the property. Because there is a deed, you can have a mortgage or pay cash - the choice is yours. However either way, you will still have to meet the basic criteria as in the co-op units.
You will also receive a Membership Certificate along with a deed to the property.
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