Pur prop lease (co-op) it states:
"As long as the sponsor owns any shares, the apt corp. may not impose on shareholders any assessment whatsoever except by vote of 100% of issued shares unless the reserve fund is under $15k or irrevocably committed to other improvements."
we are haveing our annual meeting this month. we are trying to install a new board. we are not happy with what the board has done this past year. we are suposed to vote and accept the actions of the board. we plan to table the vote till the election is over and if we get elected then we can see the financial records and then determan if we can vote to ok the past years decions of the board. can we do this?? one of the decions of the board caused a lawsuite to be filed with the human rights commission and a lawsuite against a shareholder who insisted the co-op fix the leaking roof that was inundating his apt. can we be forced to vote to accept the boards actions.?
> Join the conversationwe are haveing our annual meeting this month. we are trying to install a new board. we are not happy with what the board has done this past year. we are suposed to vote and accept the actions of the board. we plan to table the vote till the election is over and if we get elected then we can see the financial records and then determan if we can vote to ok the past years decions of the board. can we do this?? one of the decions of the board caused a lawsuite to be filed with the human rights commission and a lawsuite against a shareholder who insisted the co-op fix the leaking roof that was inundating his apt. can we be forced to vote to accept the boards actions.?
> Join the conversation Comments (1)
My coops windows are leaky. I could swear I saw my plants swaying from the cold winds and there is a draft. What do you recommend I do? My coop board is unresponsive and I have the worst managing agent.
which is part 2 - is there a comprehesive list of worst managing agents. I
I'm writing about how different boards handle homeowner tax abatements.
Most seem to assess homeowners an equal amount, in order to build up the reserve or operating accounts. But some pass them along directly to homeowners.
I'd like to speak with board member at a place that passes it along directly, as a way of showing that there are different ways to handle abatement proceeds. Please contact me at flovece@habitatmag.com ASAP. I would only need 10-15 minutes of your time on the phone.
Pur prop lease (co-op) it states:
"As long as the sponsor owns any shares, the apt corp. may not impose on shareholders any assessment whatsoever except by vote of 100% of issued shares unless the reserve fund is under $15k or irrevocably committed to other improvements."
Does anyone know if "right of first refusal" can be exercised by NJ coops?
Have any coops in NJ tried this? I've suggested to our Board, to add this to our bylaws/proprietary lease as a way of maintaing value in our building as I've read a few NY coops have done. There have been a few 1 bedroom units & a two bedroom "dumped" recently which is ruining comp sales and the ability of shareholders to refinance.
Are there any downsides to doing this? We have a line of credit at our disposal so we could act quickly. Given Hurricane Sandy, there is a shortage of rentals as well as housing in our area, If we needed to rent out the newly acquired unit vs trying to flip and sell it, is this a bad idea? Should you always buy and then try to sell immediately? We believe we could make at least $25,000 doing this if we bought and then resold. Past articles say to only do this if you can realize a certain profit.
Is this option not available for NJ coops?
We have an illegal (unapproved) sublet. Fairly recent purchase, buyer advised he must wait 2 years before applying to sublet and that it is not guaranteed. Ownership is under 18 months now. Other than having a lawyer letter sent, what is an appropriate fine/penalty other than moving to revoke his lease? No bank mortgage on the unit.
> Join the conversation Comments (1)My understanding is that shareholders in a Cooperative are financially responsible for paying to have window guards installed. Management can make arrangements but costs are the owners/shareholdes responsibility. One board member, who btw, served only one term, had self serving goals. The one year on the board this shareholder insisted window guards (and some other items normally billed to shareholders) were at the expense of the corporation. To boot, this shareholder had "custom designer" guards installed (triple the price of NYC mandated ones). The next term the board discovered the information given by this ex-board member was inaccurate. My question is, can the Corporation now bill this shareholder for the guards (two years later) stating board was misinformed?
> Join the conversation Comments (1)i cant make the annual meeting . so i wrote to the co-op board and asked them to send me the annual statement and the amount of taxs i could deduct and any other inportant info to me via us mail i was told that the board wants me to send them a stamped self addressed envelope. i told them i pay a $320 dollar a month subletting fee and they could deduct the costs from that. they told me if i dont attend the meeting or send the envelope i wont get any information. . for the past 8 years i have not recieved any info. i asked a freind who is a board member and buiding manager to help me she said she would get into trouble if the board found out she helped me. i am disabld and find it hard to attend. what can i do/
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i am answring my own question as to roberts rules. the vote was taken to table the vote on the past decions of the board they sceamed bloody murder but it passed. the motion was carried to table/ now we have a new board and have a financial disaster on our hands. to clear up. pray or us. 99/% of all the shareholders refuse to pay an increase for our regular and past due bills.. i am going to write up a five year plan and produce it to the new board. maybe when they see the figures in black and white they can understand our financial situation.
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