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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