most of the few owner occupiers that are left in this co-op, are planning to sell and move on, hoping the buyer doesn't find out what the true owner occupied ratio is, before the sale is complete. i know a real estate agent or even company can lose their license for not disclosing the correct number.
Is there much chance that the buyer can go after the seller , once they find out that they have been scammed, and they paid way to much for a co-op in an almost majority rental building.
The managing agent tells people it is 90%, even though i gave the president a copy of the case-law concerning par 14 in the proprietary lease, that the NYS law journal had the recent decisions on the right to occupy( not wall street). cases in. . One of you fine people had given it to me.
The MA also told the one board member that wasn't a puppet that the prop lease stated differently and the BOD didn't do his due diligence and find it and read it . however i posted it prominently above the mailboxes.so he could read it.
So i am sure that when people call up when trying to sell they ask what the ratio of owner/occupied is, and i know he has said 90% in the past, even though i brought it up at the annual meeting 3 years ago , but they never put that in the minutes. This year i wrote to reject the minutes since so much was missing, plus i found out that there is a specific time frame for writing in your objection and non acceptance. All this stuff that is nowhere to be found, in one place , as it should be. The AG should at least have this time frame in there. Back to the original question, can the new owner go after the seller,especially since the value was based on 90%.not 50% owner occupied. The value is huge, and unbless the price was really low, as in a fire sale, no one would buy,nevermind the mortgagepapers being filerd out fraudently. The Managing Company owner is on the board of the bank we got our mortgage through, and of course our president is an investor in that bank also. They still say that if the father owns but doesnt live there , it is still owner /occupied,despite the law. Plenty more fraud too