Our Board has picked one of its own members to be the Management company of our Co-Op. is that legal? Also the Management Company chooses the Independent Auditor. That can’t be ok> Join the conversation
I live in a coop with a cats only house rule. I have 2 cats as allowed by the rules but have become very depressed due to many factors, most of which stem from my unhappiness with living in this coop. I can't move for the foreseeable next year due to financial reasons. I have spoken to a therapist and received a letter stating need to get a dog and I'm sending it to the board via management company before heading to shelter to adopt dog. Is there ANY reason board can try to use to deny my right to a dog? Can they make excuses about noise, etc to try and make me get rid of dog? The management company of my coop is extremely uncooperative and I know they will try any excuse to deny me so I'm just trying to head off any problems. I have addressed a letter to board with a copy of letter from therapist stating my need prior to adopting. Any thoughts appreciated.> Join the conversation
new board member here.
our board is exploring options as far as investing our building's reserve fund (currently sitting around earning 0.1%), and one option discussed where short term (4 week or 13 week) Treasury bills
while individuals can easy create an account on the TreasuryDirect.gov website, I wonder if anyone has created an account in their coop's name, and how to go about it?
We have a shareholder who bought an apartment almost 3 months ago. He hasn't moved in yet because he is doing some renovations. We have a requirement that the apartment must be his primary residence, which it isn't yet. We have an upcoming Annual Meeting at which he may want to join the Board for next year. Technically, he is a shareholder in good standing in that he is up to date on his maintenance but does the fact that this is not yet his primary residence prevent him from being on the Board? Thank you.> Join the conversation Comments (2)
Hi All -
Our co-op would like to keep shareholders' costs low while protecting the co-op. Our management company is asking as much as $1150 from shareholders seeking to take out a Home Equity Line of Credit. A five-page application asks shareholders seeking a HELOC for two years of tax returns and all their personal financial information, as well as letters of reference. It's not at all clear what judgment the management company would make based on this information. Additionally, apart from asking shareholders to black out their social security numbers on the paperwork, the management company has no way of keeping this confidential information secure. Shareholders understandably feel their personal information is no one else's business.
The bank has approved the HELOC. The management company is required only to provide a copy of the co-op's current insurance certificate. The management company says it must "protect" the co-op. Shareholders agree the co-op must be protected but don't see what protection is being offered by submitting their personal information, nor do they see why the fee should be so high.
The "application" would make sense for a purchaser in the co-op, but otherwise seems little more than a way for the management company to generate a fee.
What does your board do for a HELOC application? What's the legal issue here?
Thanks - Muddled in Manhattan
I am President of our Condo.WE have a unit owner who is a type of hoarder who has bed bugs confirmed by an exterminator we hired . He was all for it , but when he found out that he has to do :clean his place up and what this "prepping" entails he said no and got an extermnator who claimed he found no evidence on the bed (I am sure he vacuumed before the guy came). He did leave bed bug traps all over, which proves he is not all that sure that there are no bugs,. We wanted to get a third (dogs) opinion, but he refuses to allow us in anymore. There are all sorts of remedies for Tenant Landlord, but what about for a unit owner who refuses to do anything??> Join the conversation Comments (1)
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