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It's a self managed 5 years young building. We do have separate "repair fund" which we contribute to as well. $280 covers water, electricity, insurance and cleaning/snow removal. Other expenses come covered from "repair fund". The maintenance was increased to prevent me from selling the unit. I would love to know myself what sum are they trying to collect. I am eager to pay them instead of attorney. But When I asked what sum are they looking to collect the only thing I was told that the number is "catastrophic". I don't want to sue the board, but they keep me as a hostage here. Needless to say that all other unit owners are Russian family members and friends and at the meetings a lot of time they speak Russian and I have no clue what are they talking about. Any ideas on how to communicate with the board to make them release financial statements, reports and budget, tax return....and justify the increase???
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I accepted a new position within my company in headquarters in Dallas, TX. It's a permanent job and I have moved my family there already. Nothing is holding me back in NY. Buyer is a very intelligent family with Russian background. In by-laws it says that the board "doesn't have the right of first refusal".
As much as I appreciate your input in my question I get a feeling that you agree with my "board" and their actions. How is it fair to me to be told to pay $2000 a month without a single explanation. I offered to pay my share in one installment. I offered $10k, $15k, $20K but they don't let me pay. They want the maintainance to be $2000 ( how did they come up with this exact number is a mystery) and prevent me from closing on my unit. No buyer would want to buy a small condo with no amenities and $2000 maintenance. And the building was a brand new brick construction. Built in 2010, received c/o in 2011.
The treasurer is a guy who filed 3 lawsuits in a small claims court against the board ( for about $12 total) for some defective repaires that he performed on his unit). At the time of the hearing "The President" who is a friend of course had no objections and agreed to pay him requested amount. what do you think now about my board?
Your postings contain incomplete information and/ or uninformed info.. If people could post full correct facts on this site , it would help elicit short, correct replies and advice.
Your postings do not make sense. There is something you are not telling us.
Have you paid all your bills and taxes in full?
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why do you need to sell the unit and who are you selling unit to?
I am treasurer of a condo in NY. I dont give owners stuff like reports, budgets and tax returns. What I do give them which is required by law our the annual financials. Usually due around a month after tax return is filed. It compares current year to prior year. If you have that plus the prior two years financials it gives a buyer a four year financial history. Pretty much you can see if you are spending more every year then your are taking in for maint and if folks owe arrears.
NYS does not require a reserve study. But is this a new building. Or was it an existing building? What could happen to a building in such a short time.
Who is the accountant? I mean even small building do a compiled financials even if not audited. I mailed my financials for 2014 to my condo last week. Also who is treasurer?
BTW small condo buildings rarely do a budget.
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