To upgrade an aging Video Intercom system, can the board bill individual shareholders for the intercom panel inside their units, or does the cost have to be recovered through an assessment? If the shareholders pay for the panels, do they become individually responsible for the maintenance and replacement of that portion of the system?
We need some advice if anyone has some suggestions. We both have been living together in our coop for over 25 yrs. My spouse is the original owner (their for over 35 yrs), and we were married 8 yrs ago. Back in Jan 2018, I was made a shareholder. Sometime in March of this year, all shareholders received an abatement update from building management. Basically, it said the eligibility requirements for the Co-op Real Estate Tax Abatement have changed due to an amendment of New York State Law. To now qualify for the abatement, your apartment must be your primary residence. It was also mentioned that shareholders whose status was in question would be receiving a form to fill out. If the apartment is not your primary residence, then you are required to pay this operating assessment in full, with no offset of any abatement.
Shockingly enough, WE received the form days later, and immediately filled it out with the correct information informing them that this was indeed our primary residence for many years. We don't even have summer home! The representative from building management even knows my spouse and how long he's been a resident. The coop is fully paid off and we are on auto-pay with our maintenance.
Weeks later, our monthly bill arrives and there's a surcharge to our maintenance for over 2000.00! It was the abatement tax! We called building management and they said "oh, that happened to a few residents in various buildings - that's an error on NYS's part. I told them we immediately returned the form to your office so why is the state charging us? They looked up our information once more, and figured out how this error occured: apparently, when I went on the lease, it caused some kind of glitch, making it appear we BOTH just moved in. Building management said don't worry, you'll be getting credited.
This has been going on since April! Every month we've received our maintenance bill so far, there's been no credit. We call management, and each time, they tell us they have people actively working on the case, and it will probably be on the next bill, AND it's the state that's slow.
Is this something can we take on ourselves with the state, or do we have to wait for management. I feel like they're tagging us along for a ride. I already asked and was told ...oh no that's between coop management and New York State.
Our co-op is currently proposing reducing our flip tax and have included closing costs before the flip tax is calculated. They have defined closing costs as all fees and transfer taxes paid by the seller at closing. They include: broker fees, seller attorney fee, co-op attorney fee, city and state transfer taxes, loan satisfaction fee, UCC-3 filing fee, NYS equalization fee, deed transfer fee, co-op stock transfer tax, any co-op processing or move out fees."
When asked if there would be a cap on certain fees, such as attorneys' fees, we were told there was none and it was not the co-op's business.
Do other co-ops allow all these deductions and, if so, is there a cap on them, particularly on those that are not fixed?
No one wanted to run for the openings on our board this past election. There was one available seat that shareholders assumed was just not filled.
Usually there is a posting with names and positions held of the new B.O.D. this year that was not the case.
It recently came to light, unbeknownst to cooperatives, that an employee of the management company was listed as a board member.
Is this a legal and executable practice?
Any recommendations for reasonable elevator maintenance company esp ones that would take on a two family townhouse. We happen to have original Otis drum mechanism fwiw.
It appears to be easy to find not-great companies
I understand that Board members must keep confidential much of their information.
But if there is a voluntary committee - say on laundry room and vendor issues - with a Board Liaison - are the committee members required to keep information they have confidential?
The mortgage on my co-op will be paid in full next year.
Rumours are out but no official announcement that the board is going to remortgage the co-op for repairs.
Does the board have to present to the shareholder/owners estimates from contractors of the repair work scheduled to be done. The order and manner the repairs will commence?
Are the shareholder/owners entitled to vote on the amount being borrowed?
I think I recall supers unit is not subject to property taxes, if they get the unit as compensation for their work , but if it is rented out by the condo to an individual you have to pay property taxes... Is this true?
How would you introduce the following to be fair and consistent in your practices as a board. We currently have bike racks on property at no charge, however with the increasedd numbers it makes since for accomodation purposes to offer paralell racks the residents/owners will rent/purchase from HOA with free installation. Dog owners have asked for a fenced area on the property should the cost only be assessed to pet owners as we donot charge a pet fee at this property ? Finally we have a compost program where on 20 participants have paid to participate, if we open it up should there be a charge for only participants or all residents. curious what your thoughts might be.
Thanks in advance,
We are about to complete a façade restoration on our small co-op (12 units) at a cost of $250,000. Is it advisable to file for J51? If so, does anybody have recommendations on professionals who do this?
Thank you very much.
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