Most lenders have been enforcing the Fannie/Freddie reserves rule--which has actually been on the books for a long time--for the past year. In a nutshell, it states that the association a] must have a budget line item for reserve funds contribution, & b] that it be at least 10% of total budgeted expenses.

There is NO requirement that these funds actually be deposited in reserves.

They do NOT care how much money is actually in reserve accounts, now or historically. [Your reserve could have $10 or $10,000,000; it's not a factor.]

Absurd? Yes...but that's the rule, & exceptions are rare.

The good news is that any banker should be able to tell you up front--before you submit an app or pay a fee, if your building qualifies.

The only time you need not be concerned with this rule is when lenders--typically local &/or small--plan to hold the mortgage in their own portfolio. If they're not reselling, they don't care about Fannie/Freddie rules.

Hi.

Im a superintendent on the upper eastside, im looking for a building on the westside or lower easrside.

I have 16 years experience.

joserivera124@hotmail.com

The correct insulation with a vapor barrier to prevent condensation is a must. You should call IDC Corporation @ 1-800-327-8432 for more information for sweating cold water piping within a sheetrock chase.

If you are heating your building with steam it might be worth considering converting to hot water heat via a hydronic system and replacing all the risers. The cost to replace could make sense depending on the price/headache and stress associated with extensive repairs.

Thank you, Eric, for the info!

Management - America's Seller Realty Sep 07, 2012
Hello Michelle.
We are a management office you are more than welcome to check the website i will provide you with all the information you will require. We supervised the property regularly, overseeing work-in-progres if you have any question give us a call (347) 219-0155 or (347) 698-0490
Reply

PK,

Here are a few resources to post your open position:
http://selectleaders.com/ - a real estate focused job board
http://atarid.com/ - a property, hospitality and asset management recruiter
YREPNY - Young Real Estate Professionals of New York has a job board
NYARM (New York Association of Realty Managers) www.nyarm.com

When the time comes your Board of Managers should speak also with property management companies.

Best of Luck.

thank you all for the responses!

Thomas - I was informed by our co-op lawyer that to add a person to a share certificate the board needs to approve it as it is like going through an accelerated 'admission process'. The person to be added to the share is assuming responsibilities with regard to the corporation, lease, etc. I made a request at one of the board meetings (in our co-op all shareholders are on the board) for approval and it was put to a vote. In my case, the other shareholders had met and interacted with my husband on many occasions and he was a regular attendee at meetings so the decision was not debated. If he had been an 'unknown' then it is likely that they would have required a short interview. I sent those minutes in a letter to the co-op lawyer requesting a new certificate and lease. Our charge was minimal. There may already be a basic charge in place at your co-op to cover replacing a lost lease or certificate. Hope this helps. NJ

Hi, the management company that is employed by my coop said i would have to pay around $800 to have a family member added to the ownership lease. I don't know if i should believe them or not because I've caught my coop board members and management in numerous lies as I'm dealing with an "entrenched coop board" and i know the management company is a puppet for the board at this point. I have a feeling they are trying to discourage me by saying it will cost $800 in fees so i don't have it done. The family member wants to join the board and try and correct the building problems and the board is aware of this. please let me know if anyone thinks that $800 is a legitimate fee to have a name added. thanks

There is usually a fee for this service since it does involve paperwork and issuing a new stock certificate and proprietary lease. This fee might be just a little high, but if it is important to you, pay it and get on with improving the board of that is your goal. Remember that when you add a name to the shares there are ownership rights involved. Be sure to seek legal advice on how to handle this.

My addition of a family member cost $1000.

does your proprietary lease or by laws specifically state that a board member has to be a shareholder ? does it state that the board member must live in the building,or any wording along these lines.
unless the by-laws and proprietary lease state limitations, as long as the individual is 18 years old, i believe that is all that is necessary to hold office
it could be a good situation since they don't have to live there and deal with the annoyances that a landlord who rents out part of his home faces with a bad tenant. In this case it would be dysfunctional board..

I believe if we are talking a legally licensed marriage or domestic partnership no interview or approval would be required. Because a disapproval would be against public policy and state law for legally non-differentiable spouses. However many coops would charge fees for a new stock certificate and proprietary lease made out in both person's names (normally JTWROS but sometimes not).

That does not mean both persons of a married couple couldn't be evicted (but not one without the other) if the actions of one of them create an evictable situation.

just a couple of comments, NY does not recognize domestic partners, so they have no legal standing in ownership unless a joint tenancy or tenancy in common is specifically created. Second, ownership should not be jtwros, it should be tenants by the entirety which automatically gives right of survivorship as does joint tenancy. Adding with right of survivorship is just a flourish, and can't hurt, but there are differences between tenancy by the entirety which is available to spouses only and joint tenancy which is available to two or more not married to each other.

our prop lease from 1985 states that same sex-partners are considered the same as spouses for rights of survivorship concerning passing of ownership of the co-op.
one of my neighbors said she paid to put her daughters on the proprietary lease,so there would be no problems for their right of ownership.
however she said her shareholder certificate was never changed to reflect this.
Does she need this updated stock certificate in order for her daughters to not run into problems if she passes,her husband predeceased her.
I orry since when searching for UCC, i only found about 10 out of 60 for this building. I ran the names of the owners, and used my name and others as checks that i was doing it correct, I know they charge for UCC filings and would not put it past them to pocket the money and not file the UCC papers.

So far I have been told my co op will be charging spouse and domestic partners who want to be added to the certificate over $2,400.00. Does this send a negitive message that they do not want anyone added to the certificate? Or is the managing agent trying to cash in on this new gold mine?

Hi Michelle,

I am a President of a 111 unit co-op on the border of Inwood and Washington Heights in NYC. We like Blue Woods Management. They are honest, reasonable (both in fees and the ability to reason with them) and proactive. They have two offices: one in Manhattan and one in Westchester.

I do not know where you are located but I think you should consider them.

Steve

Steve, thanks much...I will reach out to them. Michele

Michele,
I am President of the Board of an 11-unit co-op. We've used HSC Management for at least 10 years (that's as long as I've been in the co-op). They are responsive and attuned to small-building needs but have a broad array of services and contacts, which is very helpful to the Board and to the individual shareholders.
Best of luck.
William

William...many thanks. Michele

Hello Michelle.
I represent one management you are more than welcome to check the website i will provide you with all the information you will require. We supervised the property regularly, overseeing work-in-progres if you have any question give us a call (347) 219-0155 or (347) 698-0490

Michele,

We are a 200+ unit condo. I would recommend KW Property Management. They are managing a few condominiums that are your size (4 - 40 units). I have spoken to their presidents when we researched them. They are all happy with the service, responsiveness and backend staff.

Best of luck.

Thank you so much. Michele