OTITC Policy

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====== Unit transfers ======

  - Current members will be notified when there is an upcoming vacancy.  Management will post at least once per month in each building vestibule any units available or units with intended move out dates.  This posting will include building, unit, and bedroom configuration (updated dues rates can be obtained with an inquiry to management).((This posting notifies members of units available for transfer and also encourages members to advertise to good prospective members.))
  - Unit availability is filled on a first come, first served basis. There will be no preference given to current members wishing to transfer.
  - A resident requesting a transfer must have fulfilled at least one year of occupancy at Old Town In Town Cooperative.
  - The resident must be in good standing, including
    - Prompt payment history (no more than one late payment during the past 12 months)
    - Participation in the Cooperative (no fines for non-participation during the past 12 months)
    - Satisfactory responses and resolution to issues (no more than one rule violation during the past 12 months)
    - Current unit does not evidence damage, and shows evidence of good housekeeping
    - No incidents of criminal activity
  - The member must complete a new application and the family income must be re-verified. The family must meet current financial and qualifying guidelines of the Cooperative. The current application fee will be charged. (Refer to **Fee Schedule**.) The transfer request will not be processed until the application fee is received.
  - A transfer fee of $250 must be paid at the time their application is approved. Transfer fee will not apply if all current residents are not vacating the current unit.
  - Member must place a security deposit on the unit they are transferring into. This deposit may be transferred from the unit they are currently occupying, pending final inspection of the unit. If the existing deposit does not cover the new deposit amount, member must pay the difference at the time of this determination. If the original deposit exceeds the new deposit amount, the member will be refunded the difference at the time of final accounting.
  - Security deposits for the original unit will be processed in accordance with Minnesota State law and the terms of the Occupancy Agreement.
  - Pet deposits are for a pet in a specific unit. Members transferring with pets to a new unit must place a new deposit with the Cooperative. The deposit on the pet in the prior unit will be refunded assuming that there is no damage recorded during the Move Out Inspection.
  - The Board of Directors must approve all transfers.


<WRAP box>
==== History ====
=== "Internal Transfers" ===
  * Original, 1996-11
  * Revised, 2001-12-05
  * Revised, 2003-06-04

=== "Unit transfers" ===
  * Reorganized & revised, 2016-09-20
  * Revised, 2017-07-18
</WRAP>
OTITC Policy

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