Has anyone gone through the process of charging a Board member for misconduct? What is entailed to do so?
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I realize that the majority of house rules specify that coop apartments must have carpeting/padding that covers 80% of the apartment with the exception of kitchens, bathrooms, foyers, etc.
I'd like to know if anyone would share their process for effectively enforcing the rule, especially for new shareholders? Are any boards inspecting the unit(s) prior to the new owners moving in, provided it's specified in the house rules and proprietary lease? Is there a legal issue in requiring an inspection?
Any decent Managements that anyone can offer? Some of us are stuck with Managements that show favors to a certain few, anyone else have this problem?
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Would love some feedback about the following: we have a board sales package for review. In the contract of sale the owner and purchaser made an agreement which allows the seller to stay in the cooperative up to three months after the sale. Our building has a sublet policy and sublet fees. The seller states in the agreement with the purchaser the seller would simply continue paying maintenance.
As a board member my strong thoughts are that this sounds like a sublet and would first need board approval and fees would apply. The contract of sale agreement must follow building rules and this agreement shoukd be reviewed by coop attorney. Furthermore, once the transfer is done maintenance must be paid by the new owners. The building simply cannot accept seller checks after sale.
While boards need to have some flexibility and fairness, a sale is a sale and our PL and building rules trump all else.
Thoughts?
What if a transfer of shares will occur just round the April 12th deadline of residency - how to declare this ? - the prior owners are in another state but the new owner will be in NYC.
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How does the STAR exemption program is distributed as a credit to owners of co-op?
I mean in which month residents should get that credit on their maintenance payment?
NYC Finance says that owner of co-op must get that credit by the end of the tax year, June 30th.
How does it work your co-op’s?
How does the STAR exemption program is distributed as a credit to owners of co-op?
I mean in which month residents should get that credit on their maintenance payment?
NYC Finance says that owner of co-op must get that credit by the end of the tax year, June 30th.
How does it work your co-op’s?
Since the City apparently uses the sponsor rents to help put a market value on coop's, would there be any possibility of a split taxation calculation passing the state legislature? The idea would be to tax the coop shares as one entity and the sponsors unsold shares as another.
This would attribute the coop entity a % of the annual coop expenses and income based on shares for taxation purposes as a residential property akin to a 1, 2 or 3 family home, and the sponsors unsold shares as a for-profit apartment entity with the remaining % of the annual expenses and income based on the unsold shares, but also including the rents and sponsor management costs as a separate entity.
A higher taxation rate might encourage the sponsors to 'complete the conversion', an issue which affects many coop's.
After reading today's NYTimes article about abatements and how trust fund purchasers may not qualify for them, is there any other potential dangers that could effect qualifying shareholders? Should Board's simply not allow "trusts"?
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I am a regular contributor here but I need to share something on an anonymous basis. My co-op has a dirty little secret!
For our NYC water bill, we finally went from frontage billing to metered billing. Then the bills for one meter stopped. Then the bills for another meter stopped. It has been almost 12 months since the last usage being billed.
While we are saving up funds for someone to wake up and charge us, with all of the overbilling in the past due to their delay in switching us to metered billing from frontage billing (years), I feel no moral or ethical compulsion to alert them of the error.
Has anyone else had a similar experience? I have heard that they cannot go back more than four years to collect: is that true? One of the meters is approaching four years from being billed last.
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The process of shareholders changing a Board member should be detailed in the Corporation's Bylaws which may not require identification of misconduct. NY BCL and those Bylaws often do not provide a reasonable way to obtain evidence of misconduct as much of a Board's action and those of its members are kept secret or out of plain view. Criminal actions of Boards or their members would be handled separately by appropriate legal authorities.
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