Following is an overview of the sale and closing procedures associated with the transfer
of Chatham Square properties.  If you require more detailed information, please feel
free to contact either Fred Thompson, the current community president,
at frederickthompson2@gmail.com, or Tyler Harris, Chair of Chatham's
Sales, Rules & Compliance committee, at trharris1947@gmail.com. 
 

Showing Requirements
As you are probably aware, lock boxes are not permitted in Chatham Square, nor are
property sale listing signs permitted.  Open houses can be arranged, but the listing
broker must be present at all times during the event.
 

Purchase Requirements
Chatham Square is a co-operative community.  Unlike condominiums where residents
own individual units, in Chatham Square residents own shares "cooperatively" in the
community as a whole.  The number of shares a resident owns is based on the square
footage of their residence.  We invite you to explore other pages on this website for
more information on the financial advantages of co-op ownership versus conventional
homes. Sales in Chatham Square are all cash deals.  Mortgages are not permitted.  In addition
to the purchase price, buyers are also required to provide third party "proof" from their
financial advisor or banker that they have the resources to pay their monthly fees, and if
ever necessary, an assessment of up to $20,000.  

 

Reserve and HOA Fees
Please note that the community's reserve account is more than adequate to address
foreseeable capital improvement or emergency repair requirements.  Also the monthly resident HOA fees cover all outside grounds, exterior property and HVAC mechanical systems maintenance, as well as local real estate taxes.  Residents are only responsible for maintenance of their residences' interiors and appliances, apart from the aforementioned HVAC systems.

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Legal Representation/Closing Procedures

To handle sales, Chatham Square has retained the firm of Fleckenstein and
Associates.  The attorney assigned to our property is Lane Pearson and his assistant is
Chelsea Balestino.  While a sale is pending, and before it is finalized, Chatham Square
will provide the purchaser a Disclosure Certificate.  The purchaser will have ten (10)
days to decide whether the terms outlined in the certificate are acceptable.  

• Board Interview

Additionally, the purchaser is required to meet with the Board personally for an
interview.  The purpose of the interview is for both parties -- the prospective resident
and the Board members -- to informally meet one another and review any purchase-
related questions a new resident might have.  

• Submission of Application for Residency

Prior to the interview, the purchaser is asked to complete the Application for Residency form included in the information packet supplied to Realtors, and to forward the form to Chatham Square's president.

• ​Post Closing

Once a purchase has been concluded, Chatham Square asks that a copy of the

contract be sent to Tyler Harris at trharris1947@gmail.com .

Thank for you and your client's interest in Chatham Square.  Our goal is to ensure that
the sale and purchase process proceeds smoothly and expeditiously.
 

Fred Thompson
frederickthompson2@gmail.com