New York's Cooperative and Condominium Community
It may be that the board had doubts about the buyer's ability to pay maintenance - irregular income, for example - and to cover assessments (should they arise), but did not want to disallow the sale entirely. In cases such as this, the board's entirely within its rights to require financial "guarantees" such as 6 months' maintenance up front - or any other arrangement the board feels will offer proof of financial stability.
That money should be placed in an escrow account, I believe.
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.
Habitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
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.
Learn 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
Got 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!
can the board pick and choose who they require this from, in other words, not everybody needs this , but only certain people?
and would the board as a whole have to vote on this requirement?
i wonder if the people doing the interview are just making things up as they go along, without the rest of the board approval, or notice.
i know that not all the BOD members knew anything about it.
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.