A new shareholder should be concerned about an open lawsuit because the outcome may pose a financial burden on the building. Not all lawsuits are covered by insurance policies and, therefore, the cost of litigation and a possible negative outcome could wipe out reserves or require a special assessment. As a new shareholder, you are … More Should I be Concerned if the Coop I am Interested in Buying is Involved in a Lawsuit?
With home prices rising steadily some are starting to talk about an impending housing bubble again. This article from Realtor Magazine suggests otherwise, at least while mortgage rates remain below 6%. Statistically speaking, housing is on a roll. Year-to-date home sales are up 6.3 percent and prices in May were 7.9 percent higher than a … More No Housing Bubble in Sight
This postponement they believe will benefit both lenders and consumers as the lending industry gears up for these disclosure changes. This JDSupra article further explains the reasoning behind this decision. The Consumer Financial Protection Bureau (CFPB) recently issued a proposed amendment to the “Know Before You Owe” mortgage disclosure rule, which proposes to move the … More “Know Before You Owe” Disclosure Law is Postponed until October 3rd.
Understanding the fiduciary duty that your Coop Board has to the shareholders can help you determine if they acting within the parameters of the law. This article from The Cooperator will help you understand the role of those who sit on your Board. Having an apathetic, uncommunicative board is a big issue in many buildings … More Boards and the Law