I have found myself in a peculiar situation, and I have no idea where to turn to in order to get some sound advice. I'm hoping you can help!
I recently had an offer accepted on an HDFC co-op. Initially, when I first reached out to the agent listing the property, I was told I made above the income cap so I would not qualify. Later, he got back to me and told me that the income cap had been raised, and I now qualified. This is all in writing.
Fast forward to now and I have already completed a home survey, and my lawyer has gotten me to the point where I am just about to sign the sales contract. Unfortunately, he received communication from the sellers lawyer that neither the seller, the lawyer, the co-op board, or the co-op board president had been told that the income cap had been "raised". The seller's lawyer has said said that if I try to proceed, it will mean that I am negotiating in bad faith. The agent that I have been dealing with has said multiple times that it is fine, and that he has received explicit permission from the board president to allow me to proceed with the purchase. He has suggested that the problem is with the coop board not being able to put anything in writing, and that the sellers lawyer is just being overly cautious. It's all very strange I know, but why would the agent take me so far down this path if he hadn't cleared everything with the co-op board already?
My question is: can an income cap be raised for a purchaser who earns more than what is stated in the co-op policy, or is this figure written in stone.
Hello, I'm concerned that my fellow board members do not have a clear understanding of what their responsibilities are as fiduciaries for the condo association. Could someone please provide me with an up-to-date article on the fiduciary responsibilities of board members? These are not explained in our condo by-laws, but as I understand it New York State/ City regulations stipulate that elected Condo and Co-op board members act as fiduciaries for the Condo/ Co-op association. A definition of "fiduciary responsibility" as part of the article would be helpful. (In doing a search I did find a couple of articles, but they were from about 10 years back. I think my colleagues need to see an up-to-date article) Thanks.> Join the conversation Comments (1)
I was elected to my Condo's board, and I'd like to follow proper procedures. A volunteer took notes at the meeting (I was elected at the end of the meeting), and his notes are much too detailed. I served on a board several years back; and recall that notes are not supposed to be extremely detailed. Also, when are the notes supposed to be okayed, and by whom? Any other tips on minutes --for annual meetings, as well as for Board meetings--and for record-keeping, in general? Thanks.> Join the conversation
Our condo's original offering plan (written decades ago), including by-laws, specified a certain number of board officers which was an even number. In practice, however, over the last several years, there have only been a small, odd number of board members who have been elected and served. A long-term owner told me that someone, several years back, decided to merge 2 of the roles mentioned in the by-laws into one--but that change is not reflected in any addendum or revision to the offering plan. My question: Wouldn't we formally need to change the by-laws in order for this practice to be kosher? I do know we'd have to pay attorney fees, but wouldn't this fairly slight change be less expensive than others? Thanks for any intel.> Join the conversation Comments (1)
I'm on the board of a small condo, which has an even number of units. Unlike co-ops, our votes are not "weighted' by the number of shares for each apartment since, obviously, condo apartments do not have assigned shares. If just two candidates are running for a board seat, it's possible that there will be a tie (assuming that each unit only has one vote, regardless of the number of residents in the unit). In the event of a tie, how can this be resolved? PS, the original board documents are of no help since they are very poorly written.> Join the conversation Comments (1)
Does anyone have any thoughts regarding shareholders paying their maintenance?
The best option? Convenient and/or cost?
Portal? Manual check sent out or shareholders filling out a form that a co-op will then deduct the funds from your bank?
If we use a portal is that part of the management company fee or a separate cost?
Portal is the most convenient and up to date while still letting the shareholders have control.
The downside of that would be some seniors maybe not comfortable with that process.
Thank you and would appreciate feedback.
I am a volunteer at a Free Store in NYC. We are a mutual aid group consisting of all volunteers. We are not incorporated. In case you don't know, a Free Store is not exactly a store but shelves placed in front of a building where the community can come and leave something or take what they need.
We have a question regarding the liability of the engineer who is designing the shelves for the Free Store - and also the liability of the members of the Free Store. The shelves will have a type of overarching roof, which will be placed high enough out of reach. And, yet, in the event that somehow it is taken down, or structurally weakened later causes harm to someone, as a mutual aid effort– is there a case for liability on our part? Any lawyers out there who can advise? Thank you.
I live in a very small co-op, 11 units. Trying to figure out what the going salary for a super is. Most of the information I'm finding is for large co-ops where the super is in a more managerial role and is salaried starting at $40k. Maybe this was in the past but the impression I had was some small buildings would provide a free apartment/utilities, and pay a small monthly fee, and the super would have a day job, I don't know if that's legal.
Anyone know what the best practice is here?
Can Non-Union Contractors work and occupy meal break rooms and shops used by tenure Union employees?> Join the conversation
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.