New York City has been cracking down on building owners to make sure that owners maintain their buildings. This recent article in The Cooperator explains why the building code in NY is unique and what building owners should be prepared to do to stay in compliant. Those of us without engineering degrees tend to take … More Better Safe Than Sorry – Dealing With Building Code Violations
It is a much easier way to purchase into a co-op. When selling an apartment, the sponsor is exempt from following the board’s guidelines and interview process, so purchasers of sponsor units do not have to go through the co-op’s lengthy application packages and review process and do not need a board interview to purchase. … More Is it Easier to Purchase a Co-op From The Sponsor?
Does your building have sufficient insurance in case of a fire? This article from Habitat Magazine explains how coverage may be compromised based on recent policy changes. In the wake of recent disasters, co-ops and condos should be warned: insurance companies have instituted a few changes that could affect you. For starters, many have substantially reduced … More How Your Co-op or Condo May Be Affected By Recent Insurance Policy Changes
The state’s Business Corporation Law requires co-op corporations to maintain minutes of all board meetings. Reviewing the minutes could also reveal issues involving the heating system, plumbing, roof, or façade of the building. A review may reveal if the board is using assessments to offset proper budgeting. The minutes may state that the board is … More Is it Necessary To Review The Board’s Minutes Before I Buy a Co-op?
Obtaining financing for your co-op purchase can be a challenge for buyers as lenders are careful to consider the current financial status of the cooperative corporation. Add the fact that the co-op is an HDFC co-op and it can be a real long shot to expect that a lender will consider financing. This article from … More Financing an HDFC Co-op Can be a Challenge.
Although condominiums have fewer tools than do cooperatives in controlling their residents, they do have “the right of first refusal” when it comes to the sale of any unit in the building. This right is very rarely exercised, primarily because most condos lack the funds to buy at today’s market rates, but if the board … More Does The Condo Board Have The Right to Interview a Buyer?
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?
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
When your neighbor gets on your last nerve, you may be able to turn to you homeowners’ association (HOA) for help. HOAs are set up to enforce certain standards for their members under the covenants, conditions, and restrictions (CC&Rs) that legally bind each member. And that includes your aggravating neighbor. So here’s a general overview … More Enforcing HOA Rules Against a Neighbor
This article from Realty Times offers some sound advice to those who are contemplating buying a Condo. Make sure your attorney looks into these issues listed below prior to agreeing to purchase. Condos were once thought of as homes that attracted singles or couples, often without children. But today, condos are growing in popularity and … More Top Things To Consider Before You Buy a Condo.