Welcome to Montgomery Mutual! If you are realtor, a prospective buyer, a current member who wishes to sell their membership, or a current member who wishes to sublease their residence this section will provide information and address your questions.
Montgomery Mutual Residential Requirements
- Montgomery Mutual is an age restricted community for active adults. Individuals must be age 55 or older to reside in Montgomery Mutual.
- The zoning does allow for a small percentage of additional residents to be ages 50-54—as long as at least one other resident in the unit is age 55 or older.
- Potential residents must be able to provide proof of age prior to purchasing or prior to sublease in Montgomery Mutual
- Adult family members who are younger than age 55 may purchase for the occupancy of a family member who is age 55 or older.
- Adult family members who are younger than age 55 may sublease for the occupancy of a family member who is age 55 or older.
- All owners, residents, and renters must sign an occupancy agreement with Montgomery Mutual prior to occupancy
- All residents may have visitors stay in their homes
- Children age 16 or under may visit up to 30 consecutive days
- Adults may visit up to 90 consecutive days
- If there are extenuating circumstances, please contact the property manager for direction
Purchasing in Montgomery Mutual
Montgomery Mutual is a cooperative, and although the sale of a membership in the cooperative is very much like the sale of real estate, there are also a few differences. If you have never sold a cooperative before, or if you have any questions about the sale process for Montgomery Mutual in Leisure World of Maryland, please contact the settlement administrator for assistance.
Contracts: The cooperative has a specific contract we would like you to use for the sale of memberships. Download here
Lenders: Contact the Mutual Office for any questions regarding approved lenders.
Settlement Attorney: Please schedule your settlements with Main Street Settlements in Olney, Maryland.
Main Street Settlements, Inc.
3406 Olandwood Ct., Suite 201
Olney, MD 20832
(301) 570-3600
Renovation: Montgomery Mutual requires a certain amount of renovation before a unit goes to settlement. Some renovation costs are the responsibility of the cooperative and some are the responsibility of the seller.
The renovation process takes 3-4 weeks from the point of when the unit is vacant, empty, and the keys are turned in to the Mutual Office.
Sellers may wish to obtain a contract first and then renovate; in which case approximately 4 weeks needs to be added into the settlement date to allow for renovation.
Other sellers may wish to renovate the unit first and then put the unit on the market for sale. Once a unit is renovated, it remains vacant until sold.
Before a unit is renovated, the Mutual will do a walk through inspection to evaluate needed repairs. The seller’s agent and the seller are invited to participate. Please contact the Property Management Specialist for an appointment or for any questions regarding the renovation process.
Disclosure Documents: There are 2 sets of disclosure documents that the seller needs to provide to the buyer. One set is from Montgomery Mutual and the other is from Leisure World of Maryland.
Montgomery Mutual Disclosure Documents
You may purchase and receive these the same day if you come into the Montgomery Mutual Office. They cost $25.00 – and may be purchased by check or by cash. Checks should be made out to Montgomery Mutual, Inc. Correct change is helpful if you are purchasing by cash.
Leisure World Disclosure Documents
These may be ordered at the Leisure World Resales Office. They cost $75.00. Checks should be made out to Leisure World of Maryland Corporation or LWMC.
LW Resales: 301-598-1353
LW Resales Fax: (301) 598-1539
The Montgomery Mutual Office will need to sign off on the Leisure World Resales Certificate before the Leisure World Resales Office will issue Leisure World disclosure documents to you.
Membership Interview
Once a membership sales contract has been fully ratified, please send/bring a copy to the Montgomery Mutual Office. The office will then schedule a membership interview with the buyer. The membership interview takes about one hours. It includes an orientation to the community and the buyer will provide proof of age and financial qualification.
Membership application: It is helpful if the buyer completes the membership application before coming to the membership interview. This can be turned in to the Montgomery Mutual Office with the ratified contract or provided separately. Download here
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After a buyer has signed a contract to purchase a Montgomery Mutual membership, there are a few steps the buyer will need to complete.
- Schedule a membership interview
- Complete the settlement process
- Register with Leisure World
- Complete & turn in a “Punch List”
The Membership Interview:
Our office will contact the buyers to schedule the Membership interview. Here, buyers will receive an orientation from a member of the Board of Directors that resides in the community where the buyer will live. The buyer will also provide proof of age and financial qualifications to purchase.
The Membership Interview usually takes place at the Montgomery Mutual Office shortly after ratifying the contract and prior to settlement. For those buyers who are out of state or out of the country, please contact the Mutual’s Settlement Administrator for more information.
The Settlement Process
The settlement attorney will contact the buyer or the buyer’s agent prior to settlement to provide the buyer with the settlement date and time, and to provide finalized figures for settlement.
Leisure World Registration
At settlement the buyer will receive a bright orange folder from Leisure World. This folder will contain many of the buyer’s “next steps” information for the Leisure World community. Some of the items included are: A temporary entrance pass, registration forms, registration information, and a Leisure World phone book.
Buyers who will actually live in Leisure World should make an appointment as soon as possible after settlement to register with Leisure World. The phone number to schedule the appointment is: 301-598-1000. This phone number and other information about registration are found in the orange folder. Please complete your registration forms prior to your registration appointment.
At registration, new residents will receive a Leisure World resident identification card. This card will entitle them to use the amenities of Leisure World as a resident, get entrance stickers for their vehicles, and allow them to get guest entrance passes for family or close friends.
The registration process will include entering the new resident’s name and phone number into the Leisure World data base. This data base is often used by Leisure World security to contact residents when their guests, movers, or delivery trucks are trying to gain entrance to the community.
Moving In
Please notify the main security gate at 301-598-1044 prior to the arrival of any moving trucks entering the community.
Montgomery Mutual move in hours are:
Monday – Friday: 8:00am to 7:00pm
Saturday: 8:00 am to 5:00pm
No Sunday or Holiday move-ins
For moves with unique circumstances, please contact the property manager.
Punch List
At settlement, buyers will also receive a navy blue folder labeled “Montgomery Mutual Information.” It includes the following and other items: Parking space assignment, mail box number, payment coupons, and a checklist (or punch list) for your new residence.
Buyers have 15 calendar days from settlement to inspect their new residence for problems or maintenance issues. They may use the check list in the blue folder or may make any written list of their own choosing. Once the list is completed, please turn it in on time to the Montgomery Mutual Office. For questions, please contact the Property Management Specialist.
The Montgomery Mutual Office has a packet for sellers that we can mail to you or you can pick up at our office. We can also provide this packet to your real estate agent. To request a packet, please contact us at 301-598-1080.
You may also wish to read through the information for realtors on this Web-site.
Withdrawing Your Membership:
Withdrawing your membership means that you are going to sell your membership on the open market. In order to do this, there are three major things a seller needs complete to meet the Mutual’s requirements for membership sale:
- Officially notifying the Mutual about your intent to withdraw
- Renovating your unit
- Providing the buyer with disclosure documents
Official Notification to Withdraw
All owners on the membership certificate need to sign the “Notice of Intent to Withdraw.” This document with original signatures needs to be turned in to the Montgomery Mutual Office. If an owner is deceased, then an official death certificate and personal representative papers need to be supplied.
If someone is designated to act on behalf of an owner, then a power of attorney and identification needs to be supplied to our office by the signer.
It is best to complete the Notice of Intent as early as possible in the resale process. It is included in the resale packet but can be downloaded here
Renovation
Renovating your unit must be done prior to settlement. The process takes 3-4 weeks from onset. Detailed information about renovation is found in the resale packet. For questions about renovation, please contact the Property Management Specialist.
Disclosure Documents
The seller must provide the buyer with 2 sets of disclosure documents. One set is from Montgomery Mutual and the other set is from Leisure World. This is best done as soon as possible after ratifying a contract. Please visit the Documents and Forms Page for more information.
Montgomery Mutual Subleasing
Montgomery Mutual allows limited subleasing in the community. Permission must first be obtained from the Board of Directors before subleasing. Please contact the Management Office for current information and requirements. Policy and Request forms are available on our Documents and Forms Page.
301-598-1080.
Montgomery County also requires a license prior to renting. For more information: www.montgomerycountymd.gov/hca