- The cooperative unit, (Mutuals 1 to 16) in which the owner is a shareholder in the housing corporation, and whose ownership is evidenced by one share of stock and the right to occupy the unit. These units must be purchased for all cash (no financing is allowed).
- The condominium (Mutual 17), in which the owner has a deed to the unitand an undivided interest in the Mutual’s assets. These units may be financed by lending companies.
In both cases, the Mutual Corporation maintains the structure and related grounds.
What is meant by cooperative housing?
Cooperative housing refers to the cooperative ownership of the Mutual’s property by members who are shareholders in the Corporation. Ownership of the stock may be inherited, transferred or sold, with the approval of the Corporation’s Board of Directors. Our co-ops were developed with FHA guaranteed 40-year loans.
What does it cost to live in our community? Are there monthly fees?
The seller of an apartment determines the value of its unit and charges that amount to the buyer. In addition, there is a monthly fee called a Regular Assessment. The Regular Assessment varies by Mutual depending upon the size, location and improvements made on the unit. This may include exterior maintenance, landscaping, recreational activities, and security, among other items. The monthly Regular Assessment is calculated each year. The monthly Regular Assessments for Mutuals 1 – 16 shareholders consist of the Golden Rain Foundation assessment, the Mutual assessment, the monthly property tax payment, and the O.C. User Fee, which consists of vector control, lighting maintenance, and sewer fees. The monthly Regular Assessments for Mutual 17 owners consist of the Golden Rain Foundation assessment and the Mutual 17 assessment. Mutual 17 owners pay their property tax bill individually.
Click here for a full list of our Stock Transfer office’s fees.
Remit payment to:
Seal Beach Mutual No. ___
PO Box 51996
Los Angeles, CA 90051-6296
Payments are due on the 1st of each month and delinquent by the 15th of the month. Please mail payments early to avoid late processing.
Is there a cost to use the recreation facilities, other than the monthly carrying charge?
It depends on the facility. There is no fee to use the golf course, swimming pool or exercise room. The various clubs hold their meetings and activities at the clubhouses at no cost; however, private parties require a refundable cleaning deposit.
For more information, please call Reservations @ (562) 431-6586, ext. 398.
Verification of monthly income will be done by providing the past two years of:
Tax returns (1040)
- 1099s for interest and dividends
- 1099-R for retirement income from qualified plans and annuities
SSA-1099 Social Security Benefits Statements
- Brokerage statements and current interim statements
Proof of $25,000 in assets can be done in any one of the following ways:
- Six months of bank statements showing a least $25,000 on deposit for the full six-month time period
- If your offer is not contingent upon the sale of another home, then a recent property tax bill that shows the assessed value of the home
- If your offer is contingent upon the sale of another home a copy of the escrow instructions and a copy of the current year property tax bill that shows the assessed value of the home will also satisfy this requirement
A copy of passport, or driver’s license and birth certificate.
- This is proof that you are at least 55 year of age
An original doctors letter stating that you are able to live independently. Must be written on doctor’s letterhead. A prescription pad is not acceptable.
- The per person membership fee in 2016 is $2595.
Fill out a membership application and have an interview with the Mutual Board.
- The buyer must physically appear at an interview with the mutual director. This will take place approximately 7 to 10 days after the offer has been accepted by the seller
Receiving keys to the unit after the escrow has closed:
- Escrow will make an appointment for all of the buyers (not just one) to personally (no one else can do this) pick up the keys to the unit at Stock Transfer.
- Appointments can only be made from Monday through Friday between the hours of 9am and 3pm. They do not work weekends.
- The buyer must provide proof of a monthly income that is at least four (4) times greater than the monthly mutual fee plus 1/12th of annual property taxes (based on 1.2% of the sales price).
What is the minimum age to move into the community?
In accordance with Section 51.3 of the California Civil Code, effective January 1, 1985, at least one person occupying a unit must be 55 years of age to qualify for occupancy. Co-occupants must be at least 45 years of age except if a spouse, medical or financial care provider.
What are the ownership/residency requirements?
Qualified Permanent Resident (exception to the 55 years of age requirement). Persons under the age of 55 who can purchase with and reside in Leisure World with a person who is over 55 year of age.
- A spouse can be of any age
- A non-spouse must be at least 45 years of age
- Must meet the same income and cash assets as the primary owner
- Must provide a doctor’s letter stating they are able to live independently
- Must provide a passport or birth certificate and driver’s license
- Fill out a membership application and have an interview with the Mutual Board
One-time membership fee in 2016 is $2595.
- Must provide identification show that they are at least 55 years of age
- Must attend the interview with the owner.
- Pay one time membership fee.
- One-time membership fee in 2016 is $2595 + $50 processing fee.
- Resides with a resident, but they do not have any rights of ownership.
- Must vacate the premises within 90 days of the death or hospitalization of resident.
Non Resident Co-Owner
- Title can be taken with one beneficiary
- This allows for the transfer of ownership upon the death of any of the persons within the title to the next person or persons on the title, without benefit of a probate proceeding
- The Nonresident Co-Owner is a beneficiary status only and does not come with any membership rights or privileges or right of residency
Upon the demise of an owner, what happens to his/her apartment?
It all depends upon how the title is held. This is a very complex question, and is best answered by legal counsel. Any sale or transfer of ownership must be approved by the Mutual’s Board of Directors.
For more information, please call Stock Transfer @ (562) 431-8556.
- Only licensed and insured contractors may be used.
- A list is available in the Physical Properties office.
- Changes to the structure, inside and outside, in the patio or in the garden areas.
- All electrical work will require approval.
- Once remodeled, the owner assumes full responsibility for all repairs to the non-conforming additions or alterations. This also applies to all non-standard appliances.
- Mutual 1, 2, 3, 5 – 12 and 14 – 16 do not allow units to be rented
- Mutual 4 allows 90 day rentals only to other owners who are remodeling their units and need housing until the remodeling is finished
- Mutual 17 allows only 10% of the 127 units to be leased on a year to year basis.
Are there any medical facilities included in the community?
Yes, there are. The Health Care Center is located inside the community and features a full-service pharmacy, an on-site clinical laboratory, radiology services and a well-equipped physical therapy department. Services include geriatric medicine, gastroenterology, dermatology, geriatric optometry, psychiatry, orthopedics, urology, podiatry, general surgery, gynecology, rheumatology, ophthalmology, cardiology, pain management and internal medicine.
The Health Care Center also offers social services, 24-hour nursing, optical dispensing and 24-hour ambulance service. For added security, a service called Lifeline is available from the Golden Age Foundation, for a nominal fee per month. In case of emergency, this device can be used to alert members of the medical staff who will come to your immediate need.
Are transportation services available in the community?
Yes, we have a fare-free mini-bus transportation system which services all areas of the planned community and the nearby shopping center every day. Transportation on the wheelchair mini-bus is also available by reservation. Other transportation services available include a no-fare, 37-passenger bus to-and-from The Shops at Rossmoor and Old Ranch Town Center; charter busses departing from the Amphitheater; courtesy transportation from several hospitals outside the community; and Orange County Transit District.
To view our LW Minibus schedule, click here.
Are there parking facilities for my vehicle(s)?
Each unit is assigned one parking stall with a small storage space. There is parking on some streets in the community, as well as temporary parking for recreational vehicles in a designated area.
For more information, please call the Security Department @ (562) 594-4754.
Are pets permitted in the community?
Pets are permitted in the community subject to the rules and policies of the Mutual Corporations. These rules and policies include, for instance, a limit to the number of pets per apartment, a maximum weight limit per pet and a current city pet license.
If you have any questions or comments regarding pets, please contact us at (562) 431-6586, ext. 346, or e-mail us at firstname.lastname@example.org.
Are guests permitted to have lengthy stays in the community?
Yes, guests are permitted to visit shareholders and residents in the community. The governing policy states that guest visits are limited to a maximum of 60 days per calendar year and only while shareholders and residents are in residence. Guests may not bring pets into the community.
Are there existing apartments for sale?
Yes, there is an on-site sales office that offers many units for sale. The on-site sales office features a map showing the available apartments in the community. The on-site Sales office is located inside our community at 1901 Golden Rain Road, Seal Beach, CA, (562) 598-1388, e-mail email@example.com. The office is open seven days a week from 9:00 a.m. to 5:00 p.m.