I'd appreciate some advice on getting rid of a condo owner who is behind in their payments. We are a small Condo with a limited budget. One of the owners now owes over $3,000 in common charges. We don't have an attorney. I've read a couple of articles in The Cooperator but the articles often cite laws in states besides NYC. If any NYC condo owners have successfully placed a lien on the apartment of a non-payer, and have successfully ousted them, I'd appreciate hearing how you did it. Thanks.
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What is the order of process for a renovation. Does the architect submit the design plans before the shareowner receives the alteration agreement ? Or does the board provide the alteration of agreement before the design plans are provided.
Can the board exercise discretion as to what occurs first ?
Wanted to know your thoughts on this?
I understand having one or two units and especially to rent them out and if necessary sell but do you think it’s financially good for a co-op to buy 10 units? Different years but it seems to be more and more each year they’re selling one and then buying one. I feel too much money being wasted on closing costs etc when co-op could use some of that money for key repairs.
Can a seller stay in unit after closing if previously agreed to by buyer?
> Join the conversation Comments (1)Has there been any progress updates on the installation of geothermal technology to heat the building?
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What, if any, specific reporting is required by IRS for the "gain" on shares of an ex-member departing charitable tax-exempt co-op? I'm in California so knowledge of co-op law is almost non-existent here. The members are mostly very poor so I'm guessing they are not a high priority for IRS. I don't see anything in the Form 990 instructions and my 2008 edition of Tax Management's Co-op Portfolio doesn't seem to cover this--Joel E. Miller ESQ where are you?
dc
The owner of unsold shares of several apartments died without a will.
His brothers are attempting to get court permission to take over the apartments.
If they do so, are they the owners of unsold shares and do they therefore have the right to sell
to other investors as unsold shares?
Can the Coop force them to sell to owner-occupiers?
Thanks
My Co-Op building management is forcing shareholders to replace their fuseboxes (which was there when I moved in eight years ago) with circuit breakers at the shareholder's expense. If they are requiring it, shouldn't the be responsible for the cost?
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Does the board have the right not to interview a buyer after paying for
a credit check?
Anybody have any experience having their building re-measured for the purpose of having their property tax lowered (or any other reason)?
I understand that the square footage recorded by the Department of Finance under the Notice of Property Value can be way off, especially with older buildings.
Are there any firms that you know of that can do this (according to Department of Finance guidelines) and know what they are doing?
Thanks!
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This podcast episode with a NYC attorney, Stephen Lasser is exactly what you're looking for:
https://podcasts.apple.com/us/podcast/nyc-real-estate/id1316217394?i=1000615904697
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