I sit on the board of my Bldg. and we just passed an assessment to the shareholders that have caused quite a stir. I happen t agree with the shareholders but do not want to tell the board this.
Th cost is too high and the approach was wrong.
The job should be done on a lower scale and in phases. How do I get theother members of the board to change things before the assessments begin?
Thank you all for this good guidance.
We did everything suggested here: wrote the letters, sent digital photos, demanded (to no avail) the plumbers' report, requested mediation (but received no response), stated we would take legal action and finally consulted an attorney.
Our conclusions to date:
-We can't force the board remove the charge without taking the coop to court. Court & attorney fees would likely far outstrip the sum in question.
--We were advised, alternatively, to either file a claim with our homeowners' insurance, or to pay the charge and to try to recoup the funds in small claims court. In the latter case, we're afraid we'll find ourself unevenly matched, against the corporation's attorney.
Certainly seems to suggest a need for "abusive board" legislation.
Further suggestions very welcome!
You were right, all. The board refused. Looks like we're headed to court.
Thanks, anyway, for your good advice.
We have an attorney that can handle pretty much anything, but we're doing some construction work and our board wants to engage a different attorney just to review the contracts of the engineer and construction company. Our attorney says reviewing the contracts is not a problem for him. Do we really need someone who specializes in construction just to read these contracts? Or is it better to stick with the attorney with whom we already have a relationship?
The unsold shares in our building were sold this year.
Is the new owner a "sponsor" or "investor" If an investor
do they have the same rights as the original sponsor. I.E.
voting for officers of the board at election.
What rights does he have? He has no input in the building and gives no help to the hard working board who have their day jobs too. How can we insist on some help from them?
cant ask the accountant as we are in the process of getting a new one - but have a question -
if an assessment for a capital improvement project, such as a new roof, is dissolved by being rolled into a maintenance increase , then can we still realize it as part of the basis on sale of stock? (thereby reducing the tax on sale) - ?
or does it have to remain a seperate line item as an assessment?
You sound very knowledgeble about this, are you in the realty/management, etc. business? If so, may I contact you?
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.