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When does interpretation of the rules, out of fairness to all shareholders, become callous? This not a house sale where it is a common situation to allow the seller to stay. We have to live by a different set of rules that do not exist in other types of real estate transactions. All this was debated and the Board agreed not to allow the situation per our rules. The seller found another buyer and everyone is happy.
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When neither the interpretation nor the rules further the common interests. Whether a single family home owned as real property or a cooperative apartment unit "owned" effectively by shares in the corporation, the financial "closing" transaction and occupancy of a place to live is the same. In facts, coops have argued that the same set of laws need apply to them, that the transactions of sahres be treated for legal/tax purposes as residential property sales and the corporation be taxed as residential real estate.
Fortunately the current robust market in NY and elsewhere provided the seller with a successful outcome now and the corporation can feel comfortable in sitting back. But really, we now know that such markets are not always the case; not even now as many areas of the country have yet to recover from the housing downturn.
Now's the time to look at the rules to update them to better serve allt hose to whome they apply. What did your rule really protect in this case; what might have been the cost?
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