I live in a condop, can I combine apartments? Would this require rewriting the lease stating that the bldg is a, let's say, 99 unit bldg instead of a 100 unit bldg?
Why would someone offer to sell his place for $149,000 + $5,000 closing cost as opposed to just $144,000?
Our Coop board is preparing a memo regarding proper installation of window air conditioners. Since we have metal frames we do not allow drilling into them.
Does anyone have a good set of instructions on how to do this? Most of what I can find is based on drilling into frame, etc.
Thanks,
David
do any of you that allow subleases require a specific sublease agreement?
Is that any reason not to allow a standard Blumburg sublease agreement form? Anything specific to look for in order to protect the coop?
TIA
in a coop with sponsor apartments - we understand that the landlord must pay for extermination of bed bugs in any given apt. - in otherwords, if a rent-controlled tenant has them, the sponsor pays for the exterminator. If a regular shareholder has them, the coop pays. Is this correct?
We need to do some interior work, which will likely take an assessment to fund. We anticipate that those shareholders experiencing financial difficulties are going to be negatively impacted (and, possibly, may not be able to pay for it). It seems unwise to delay needed work, but we are also aware of the extremely poor economy. Are other Boards delaying work due to the economy? Any suggestions? What if we charge only a small amount per month and take 1 or 2 years to replenish the (already low) reserves?
We have a small parking garage and our waiting list for these coveted spots goes back to 1995. The next person up for a spot now lives in another state for most of the year but continues to pay maintenance on her apartment here. The battle is on amongst the directors: does she get offered the spot, or is she not a "resident" any more.
How is a "resident" defined?
Our parking rules don't address this. I'd appreciate any pointers.
Having accidentally posted anonymously and without a subject below, I then added my name and the subject.
But, to date there is no feedback.
Just wondering.
http://disc.yourwebapps.com/discussion.cgi?disc=94379;article=11074;title=Habitat%27s%20Board%20Talk
I am looking to bounce an idea of everyone’s head, please review and let me know what you think.
We are a small building in the Bronx (60) apts, with the sponsor holding 55% of outstanding units. We are ok financially, with no planned maintenance increase this year, and a healthy reserve fund.
We now have some required work by the city/insurance company/ and underlying mortgage company.
After discussing with residential owners, many favor an assessment of $3 a share, with tax abatement paying 60%, and the owners paying 40%. This is not cheap, but will allow us to fund all required work etc. The building has not had any assessments ever - went co-op in 83, and has had regular maintainace increases.
The sponsor wants nothing to do with any assessment and says we should raid our reserve fund to pay the work - or use "cheaper alternatives".
The board wants the work to be done correctly, effectively and is trying to avoid a situation where the sponsor sells out and we are left with a shell of a building...
We do have a line of credit available, but the sponsor does not want to draw down anything on this line as well.
Note the reserve fund would be depleted by 50% with required work, and we have a mandatory refinancing approaching in the next 3 years which will require a reserve fund that is funded. Funds from operations can contribute slightly to the reserve fund or paying for additional work.
I appreciate any ideas, suggestions or even just similar situations.
What are you thoughts?
Shareholders in my coop have been able to gather over 25% of the shares to call for a special meeting. The goal of the special meeting is requesting the removal of the current board treasurer and board secretary. Who is responsible for counting votes and proxy forms. At an annual meeting sharholders or independent inspectors count votes, who is responsible for a special meeting. If the board needs to vote for independent inspectors then would it be a conflict of interest for the same board members that shareholders want removed to vote on electing an outside person or persons to count/tally votes. Please share your throughts and opninions
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If the seller is paying the buyer's closing costs, the seller may be trying to reduce the net gain for the purposes of calculating capital gains taxes.
If the seller thinks that by paying the buyer's closing costs that he will be able to deduct those costs, he will likely find out the hard way that he was wrong...they are only deductible by the buyer.
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