• A $5,000 earnest money deposit toward the purchase price. 

• Buyers must meet minimum income requirements. 

Verification of monthly income will be done by providing the past two years of: Last 2 years of Tax returns (1st 2 pages of the 1040, not the attachments). In the event the buyer does not file taxes, then we need the last two years of: 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 

• 6 Months of statements showing the reserve of $25,000 (for Mutuals 2,3,5,6,7,10,11 and 12), Proof of $30,000 (for Mutual 1) Proof of $50,000 (for Mutuals 4, 8, 9, 14, 15, 16 and 17), $30,000 (Mutual 1). This can be done in any one of the following ways: Six months of bank statements showing the $25,000 or $50,000 (depending on what mutual you are purchasing in) on deposit for the full six month time period IRA, Securities or checking or savings account If your offer is contingent upon the sale of another home a copy of the escrow instructions and a copy of an estimated closing statement will also satisfy this requirement.

• A copy of passport (must be current) OR birth certificate (government issued one not hospital issued) AND Drivers License (This is proof that you are at least 55 year of age.)

• Mutual 1, 2, 4 and 9 require An original doctor’s letter stating that you are able to live independently. Must be written on doctor’s letterhead. A prescription pad is not acceptable. Name on the doctor’s note must match the ID provided. AND the Active Adult form must be signed by the doctor as well. 

• Copy of Full Credit report if you are purchasing in Mutual 9 & 11 if purchasing in Mutual 1 copy of credit score of at least 680, Mutuals 14 and 17 copy of credit score over 620 and Mutual 2 copy of credit score of at least 650. • Pay One Time Membership Costs (as of January 1, 2022) The per person membership fee: $4,301 

• Fill out a membership application and complete a “Buyer’s Orientation” with the Mutual Board representatives The buyer must physically appear at the “Buyer’s Orientation”. This will take place approximately 15 to 20 days after the offer has been accepted by the seller. Pay a New Buyer/Orientation Fee for (Mutual 2, 5, 6, 11 & 15 = $750.00), for (Mutual 3,9,10, 14 = $500.00) for (Mutual 17 = $250.00 Move-In fee) 

• 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) to 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 times in Mutuals 1-7,10-14 four and a half times in Mutual 8, 15 & 17 and five times greater in Mutual 9 & 16) greater than the combined total of the monthly mutual fee plus 1/12th of annual property taxes (based on 1.2% of the sales price) plus the $21.00 sewer fee. This is an example of the approximate net monthly income requirements (as of January 1, 2022). Some mutuals will be a little higher and others a little lower. This was figured using a $400 per month mutual fee. For Mutual 14 & 16 add 25% to the Net Monthly Income listed below

• Owner Co-Occupant

• 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 doctors letter stating they are able to live independently
  • Must provide a passport or birth certificate, real ID and drivers license
  • Fill out a membership application and have an interview with the Mutual Board
  • Pay One Time Membership Cost
    • 1 person membership fee: $4,301.00

• Non-Owner Co-Occupant

  • Must provide identification showing they are at least 55 years of age
  • Must attend the interview with the owner
  • Pay One Time Membership Cost
    • 1 person membership fee: $4,301 + $100 processing fee
  • Resides with a resident, but they do not have any rights of ownership
  • Must vacate the premises within 90 day 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

• The Leisure World community is comprised of two types of property ownership:
  
  • The cooperative unit, (mutual 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 apartment.
    
    • These units must be purchased for all cash (no financing is allowed)
• The condominium, (only in mutual 17) in which the owner has a deed to the apartment and 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.

• The seller of an apartment determines the value of the 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.  The Regular Assessment includes exterior maintenance, landscaping, recreational activities, and security, among other items.  The monthly Regular Assessment is recalculated each year.
• The monthly Fee for 2022 by Mutual are as follows:
  
  • Mutual 1 –   $415.86
  • Mutual 2 –   $465.09
  • Mutual 3 –   $445.90
  • Mutual 4 –   $426.02
  • Mutual 5 –   $431.12
  • Mutual 6 –   $411.22
  • Mutual 7 –   $465.82
  • Mutual 8 –   $428.87
  • Mutual 9 –   $444.20
  • Mutual 10 – $439.16
  • Mutual 11 – $457.33
  • Mutual 12 – $455.33
  • Mutual 14 – $422.30
  • Mutual 15 – $446.85
  • Mutual 16 – $462.81
  • Mutual 17 – $408.97
•  Additional monthly fees
  
  • Cable television – $29.50 (optional)
  • Sewage – $21.00 (fee already calculated in fees above)
  • 1/12th of the annual property tax
    
    • The annual property tax is this equal to 1.2% of the purchase price
    • If you bring in a lower tax basis from the sale of another California residence, your tax rate could be lower.

• The Leisure World community covers 533 acres, or roughly 1 square mile.

There are approximately 10,000 residents in the community.

Construction began in 1960.  The first move-in occurred on June of 1962.

• 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.  The co-ops were developed with FHA guaranteed 40-year loans.

• 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 of $25.00 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.

• 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.
  
  • One quadruped pet is allowed
  • The maximum weight at maturity is 25 pounds (20 pounds in Mutual 17)

• Yes, guests are permitted to visit 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 residents are in residence.  Guests may not bring pets into the community.

• Yes, Leisure World has 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.

• 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.

• 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.

• 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 or a medical or financial care provider.

• Yes, with the approval of the mutual Board of Directors, the city of Seal Beach and the Golden Rain Foundation.
  
  • Only licensed and insured contractors may be used
  • A list is available in the Physical Properties office
• Remodeling includes
  
  • 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 158 units to be leased on a year to year basis

• Contact the Leisure World Trailer Club for space availability and storage in the Leisure World Trailer Park

• Obtain permission from the security office
  
  • Park at club house #4 for a maximum of two weeks

• Each unit is assigned one parking stall with a small storage space.  There is parking on some streets in the community, as well as parking for recreational vehicles in a designated area.