Read frequently asked questions about sales in Third Laguna Hills Mutual and United Laguna Woods Mutual.
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Yes, prospective buyers must meet the following qualifications:
- Age restriction: Members must be at least 55 years old to reside in Third Mutual. Buyers must be of legal age to execute a contract.
- Financial qualifications:
- Assets equal to the purchase price of the manor plus $125,000.
- An annual income of at least $45,000 at the time of purchase. If financing, the annual mortgage payment must be included in the income calculation.
A member is the owner of a condominium unit approved by the board of directors for membership. Members in good standing are entitled to one vote in mutual elections.
At least one member must be 55 years or older to reside. Other members must be at least 45 years old, except for a spouse, who may be any age.
Yes, but you must meet financial step-up requirements. Only two units can be occupied, leased, or made available for lease. As of June 21, 2016, members are limited to two units for living or leasing. Members with more than three units as of that date are grandfathered but cannot purchase additional memberships. Members seeking additional memberships must sign an acknowledgment form affirming compliance with Resolution 03-16-61 and submit it with their application.
A co-occupant is a nonmember residing with a member, approved by the Third Mutual board of directors.
Yes, as long as at least one occupant (member) is 55 years old or older. Co-occupants must be at least 45 years old, except for spouses of any age. Adult disabled children may reside under specific conditions (Section 51.3 of the California Civil Code).
Yes, the maximum occupancy is equal to the number of original construction bedrooms plus one.
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Yes, prospective buyers must meet the following qualifications to own a share of stock and reside in United Mutual:
- Age restriction: Must be at least 55 years old.
- Financial qualifications:
- Assets equal to the purchase price of the manor plus $125,000.
- An annual income of at least $40,000 at the time of purchase.
A member is a shareholder approved for membership by the board of directors and recorded in the corporate records. Members in good standing are entitled to one vote in mutual elections.
You cannot own or be listed on more than one certificate.
A co-occupant is a nonmember who resides with a member, with the approval of the United Mutual board of directors.
Yes, at least one occupant (member) must be 55 years of age or older. Any co-occupants (nonmembers) must be at least 45 years old, except for spouses, who may be any age. Adult disabled children may reside under specific conditions (Section 51.3 of the California Civil Code).
The maximum occupancy is equal to the number of original construction bedrooms plus one.
