Co-op boards should review their governing documents to ensure that repair responsibilities are clearly defined, and alteration agreements should be clear to prevent disputes over who is responsible for repairs.
Co-op boards should review their governing documents to ensure that repair responsibilities are clearly defined, and alteration agreements should be clear to prevent disputes over who is responsible for repairs.
Boards must act swiftly and carefully when dealing with pet policies, as they must not only identify the violation but also serve appropriate notices and file court proceedings within the 90-day window, while also being aware of the distinction between service and emotional support animals and the need for proper documentation.
Boards of co-ops and condos should take a proactive approach to managing and recovering unpaid maintenance and common charges, utilizing powerful tools such as recognition agreements, liens, and foreclosure actions, to protect the financial stability of the entire community.
New York's Real Property Actions and Proceedings Law Section 881 is being targeted by developers to alter the balance of power in access negotiations, potentially making it more difficult and expensive for existing property owners to protect their rights.
Co-op shareholders are increasingly transferring their units into trusts for estate planning purposes, but co-op boards must carefully consider the potential financial, occupancy, and legal implications before approving such requests.
A code of ethics is essential for board members to prevent violations of their responsibilities to govern fairly, and a written code of conduct can help prevent problems.
Boards must balance transparency with protection of sensitive information when responding to shareholder or unit-owner requests for corporate documents, while also fostering communication between the board and residents to reduce document request overload.
Boards must proactively monitor and manage building violations to avoid financial implications, reputational damage, and legal fees, as unit-owners and shareholders are typically responsible for conditions inside their apartments.
Boards can implement effective prelitigation strategies such as redirecting rent, filing a lien, limiting amenities, and timing, to address monthly payment issues without going to court.
Construction contracts can be complex and often favor contractors, but boards can negotiate cost controls, proper insurance, and retainage to ensure a successful project.