Our coop owns several units in the building (we got them when the sponsor defaulted in the 1980s). They are currently being sublet to rent regulated tenants. When units become available, we sell them. This periodic inflow of cash is great.
One of these units is under contract to sell. The time has come for the Board to review the application and interview the potential purchaser. Isn't it a conflict of interest for the Board to vote on his approval, because we inherently want the unit to sell? Or is it enough that we are balancing our interest to sell with our interest to have good paying tenants?
I was asked by some one... Where can I obtain information about the "quiet enjoyment" rule of a shareholder in a New York State co-op set-up. A good definition of the term "quiet enjoyment" would also be apreciated. I'm also interested in information about the business corporation law portions which deals with rights of shareholders in a NYS co-op. I know the by-laws of the coop would have these, but need the actaul law.
With great thanks
Our co-op (condop)initiated fees payable to the co-op and to the managing company for any alterations in one's unit. I think the managing company is double dipping. Their fee is paid via monthly maintenance and now directly from any alterations. Why does the managing company needs to be paid on alterations wanted by a shareholder? Greed besets.
Our condo building continues to have problems with a renter whose 2 dogs are not house-broken and who are rarely taken out. As a result, horrible smells daily fill the hallway. The owner does not care. There have been many complaints. The management company, under pressure, sent a registered letter a while back to the tenant and owner with a fine attached. what is the ongoing responsibility of the management company vs. the board? Does NYC code address this at all, and if so, in which section?
Can anyone comment about what they know about a bill currently before congress called the Mortgage Forgiveness Debt Relief Act of 2007.
In this bill, which appears to have been recently passed by the House, and next goes to the Senate, there is a section amending the requirements that need to be met for a Cooperative to qualify as such.
In effect, it appears, this bill, if enacted into law, effectively ends 80/20 problems for many coops.
Can anyone comment on what they know about this?
In "Budget Time — Gabrielle, Wed Sep 26 5:26PM", Gabrielle suggested that I post some of our coop's information and procedures, e.g.: self managed.
I added the items about a week ago under that posting rather than a separate thread if anyone has an interest.
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