Can anyone who knows alot about the flip tax please help me??
My grandmother passed away in October of 2006. She set up a trust for my mother to recieve the co-op when she passed away. After her death it was told to us by the co-op that all of the assests of my grandmother were placed in the trust but the co-op could not be passed on to my mother without a flip tax being imposed. The managing agent said the co-op had to be treated as a sale to be passed over to my mother from the estate of my grandmother over to my mother. This required my mother to pay a large sum(flip tax) with the sale of this apartment. Was this just???
My mother and I became owners of the apartment in January of 2007 and now are recieving word from the board that the flip tax is being waived as of March for those residents who set up a trust. I think this is totally unfair and would greatly appreciate it if anyone can email me with any pertinent informantion as to whether I can obtain any of my flip tax, legal fees or any monies back. I feel I was taken advantage of greatly? Would anyone advise me to hire a lawyer and if so can anyone recommend one in the NYC area?
PLease help me I am very desperate....
Ok - financial question:
If a coop has a huge capital project, say a roff replacement for 1.5 million, isn't in the best interest fo the cooperative to pay for this via the form of an assessment (with a monthly seperate line item) so that indivudual shareholders can take a tax sale basis benefit when they sell their apartments?
in a building that refinances the mortgate to raise money for such a project, doenst it also make sense to present the above method of payment?
is it tru that if you do not have an assessment and do not list the costs as a seperate line item on mantainence bills, that a shareholder may not take a basis benefit if they have profint on their apartment?
our accountant is on vacation and we need comments soon. thanks
A board member has publicly accused our managing agent of wrongdoing and the MA has responded to the charge and accused the board member of libel for which there was no response. Could the coop be liable in a lawsuit, particularly if no action is taken by the coop to make a distinction between personal remarks and coop statements?
in our prop lease (coop) it states, "as long as the sponsor owns any shares, the apt corp. may not impose on shareholders any assessment whatsoever except by vote of 100% of issued shares unless the reserve fund is under $15k or irrevocably committed to other improvements."
1) OK so does this mean that assessments to "meet operational expenses" that are imposed without such a vote of shareholders are illegal? our board has been imposing assessments for years for various purposes - without such a vote.
2) we have always had about 250k inthe reserve fund.
I have been told that every time there is a mntnc increase in a coop, your property value goes down slightly ( because your appeal to potential buyers decreases). A friend in a similar coop stated that , when they have (for example) an operational budget shortage for a given year, they do a temporary assessment to fill the gap instead of imposing a permanent mntnce increase. This seems like a very good strategy. comments?
Our building had a hardwired system installed, then we switched over to a wireless system only to uncover a huge number of technical difficulties (configuration/administration) and requirements (dedicated electrical, authentication, etc.). We called in a smart home company to assist us with the final tweaking but it costs us more than we anticipated. Are you storing to a computer hard disk? Are you accessing via the web or an internal network? Do you have a dedicated mechanical room or closet to securely store the equipment? If possible you should use IP style cameras, not wireless cameras.
I was recently elected to the role of President for our 100 unit co-op in Kew Gardens. In an effort to do things different than the previous prez, I'd like to enlist the services of a consultant to help make our board more effecient in handling issues; thereby making our shareholders happier through expanded communications, customer service, mgmt. comp. liasons, and new amenities.
Does a company like this exist, or do I have to do this in a piecemeal fashion by way of research, trial and error?
Hi BW - The site in question went down due to a major server problem. At the time, about 25 of our sites went down. It has been back up since then. Sorry for the confusion.
Some of our units have a chronic mouse problem. It turns out that with the change of management we have not had an exterminator in almost a year. And the mice are back. While the Board is going to have each unit detailed for mice, and then shareholders must adhere to the monthly schedule, some of the units have huge holes behind the dishwashers that the exterminators say they "do not fill." They suggested getting a contractor to take out dishwashers and close the holes in the walls that were left from the original renovation the sponsor did in 1987. Are individual shareholders in a co-op responsible for this sort of repair work hidden wall areas? There is no way to tell what else lurks behind the kitchen cabinetry, backspashes etc.
Would appreciate knowing how other co-ops handle the repair of walls and filling in holes to prevent mice from getting in.
two questions. we have "directo" voting (below) and nothing in our prop lease about how a person can get their name on to the election ballot to be a board member (director): 1) how can a person put themselves up for election on the rinted proxy that comes a few weeks before the election?
With direct voting each shareholder is permitted to vote his total number of shares for each open seat on the board. A shareholder with 1,000 shares in the co-op would be able to cast 1,000 shares for each open position.
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