Solidifying Fines In Your House Rules

As a result of the House Rules being amended and enforced at the Board's pleasure (not needing approval from the super-majority of Shareholders / Owners), it is prudent to ensure that all of the necessary documentation is included in this document. With your Offering Plan you'll have received a copy of the original House Rules. Over time and with new situations that arise, the Board may feel that it is in the best interests of the Cooperative / Condominium to amend these rules. If your Board is amending the rules, you might want to consider adding a House Rule that spells out all of the fines associated with breaking these specific rules. This way, if you're dragged into court over a fine, you can show the judge that these rules are established as well as a fining system that all of the Shareholders / Owners are aware of.

When you do amend the House Rules it would be a good idea to mail it out via postal mail to all of the Shareholders / Owners affected as well as having any new purchasers / subtenants sign in their purchase / sublet applications that they have received the rules and promise to abide by them.

About Mr. Manager: Mr. Manager is actually Mark Levine, R.A.M., the Vice President of Business Development of Excel Bradshaw Management Group, LLC, a residential property management firm. You can e-mail him or leave a comment below.