The Board is considering giving me a fine. Can a board do this? Fines are no where written in the proprietary lease, house rules, and amendments. Also, I thought fines must not only be mentioned but their amount must be stated and attached to the type of infraction (if there was any) claimed. Also, aren't fines enacted by shareholder votes and not the board?
leak in apt owned by sponsor and rented at market rate - not detected and repaired effectively for 4 weeks resulting in extensive property, mold damage and hotel bills for the occupant (who was travelling).
who should pay mold remidiation and detection costs? who pays for damages to the property (the renter did not have insurance) the coop or the sponsor? the sponsor is the direct landlord to the renter in this case, isnt he?
As we begin to talk about our budget we realize a maintenance increase is likely as past boards have not done so. Without crunching our numbers yet we have thrown around the likelihood of minimal increases that are in line with inflation over the next few years. Do your boards consider this at all? That is minimal routine maintenance increase just to keep pace with rising costs which seem much higher for cooperatives than for the average individual purchaser of, for example, consumer goods.
Thanks for all of your input. Our board changed our hours from Mon-Sat 8am-5pm to Mon-Fri 9am-5pm and Sat 10am-5pm. We also revised the holidays that we disallow construction.
prewar building. windowless bathroom with air vent shaft that runs up a few floors until it ends where the apt layouts change. used to be a big metal duct running to a window on the upper-most apt but they removed it (secretly) when renovation work was done a few years ago. we now have no actual air ventiation to the roof. the question is: how can we get the resident sof the apt that did the renovation to replace the vent that is supposed to be there. the coop board will turn a blind eye. should we get a bldgs inspector?
We are a new board of a 90 unit building with not much experience and are facing a situation where a commercial tenants lease will expire in two years.
Some of the board would like to find a new tenant as the current one is not ideal while some of the board might be inclined to renew the lease.
How does this process work? And who are the participants? Would our management company be involved?
Any advice here is helpful.
I hope i can make a messy situation clear. I'm on the board of a building has 5 former sponsor units (rent controlled with tenants) that the owners defaulted on back in the early 90's. The sponsor representitive had 3 buyers lined up over the past year to purchase them. When the board took them off the table, because 1 of the owners passed away, It was revealed that management never did a proper foreclosure of the units, and ALL of the previous owners suddenly resurfaced, and laid claims (through lawyers) on all of the apartments. they all want to pay arrears and get them back after 15+ years. Our lawyers says that we have no real options. Any thoughts appreciated?
I had my kitchen countertop and sink replaced at existing location. Did these things required board approval? Some of the board members are "up in arms" that I did not seek board approval. I live in a coop. I thought anything done behind the walls require board approval and anything visible do not (for example: changing a rusted out drain pipe (no approval req'd) vs rerouting pipe elsewhere in my unit (approval req'd). They want to fine me, but fines are nowhere stated in the proprietary lease nor amendments. Plus, wouldn't implementation required shareholder votes? Thanks.
One of our SHs bought his apt from the sponsor a year ago, so we never saw his sale pkg or financial info. He wants to re-fi his mortgage + get a LOC. All we got is a letter verifying his annual income. We got a credit report and he owes A LOT (I mean, A LOT) on another mortgage, loans etc. It looks like he keeps getting loans to pay down loans and is overextending himself. He's self-employed for 2 yrs. '06 Income was good, almost double of '05, but self-employed people know income can vary widely from yr to yr. The board decided to not approve his re-fi/LOC request.
Three BMs want to tell him why we didn't approve him bec he's "already a SH and entitled to know." The others don't want to give him reasons, as you don't for rejecting a sale or sublet. They say BM's statements will conflict, the SH will misinterpret things, we'll get pulled into disclosing details and too much discussion, etc.
Anyone denied a re-fi for a SH? Should we tell him the reasons for denial or not?
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