HABITAT
Subscribe for Daily Updates!
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat u
visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Archives
search
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Ask the Experts
learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Subscribe
join nowGot elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
This is a very complex undertaking and I suggest you speak to an attorney with a lot of experience in this field. Even under "normal" circumstances where you don't have the added complications of the HDFC rules and regulations, putting co-op shares into a trust requires a specific board resolution and other documentation. HDFC only adds to the pile. My co-op had our attorney draft the resolution, and my wife who was a T&E attorney said she would not undertake it on her own.
This Is *NOT* a DIY project. Do not try to undertake it on your own!
There are many issues most non-attorneys would not think of, any one of which could dig a very deep hole.
The resolution will cost your board in legal fees, and you can charge those back to the shareholder wanting to establish the trust. The alternative will be to pay an attorney many times the cost of the resolution as they try to dig you out of the hole you created.
Good luck!
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.