HABITAT
Subscribe for Daily Updates!
If we sign a copy of he prop lease that does not indlude updated amendments at a closing (I.E. it is not current and is an older copy form an Offering Plan) how can his be remedied?
Join the Conversation Comments (1)
The lease presented is an old copy from the Offering Plan it does not have the newer (significant) amendments like roof rights, subletting changes, etc.
The attorney says the older one is not a viable lease. What of all the new buyers that have signed a non-viable lease?
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!
I'm not a lawyer, have you spoken to your closing attorney? I'm not sure how much the proprietary lease could change. It's not an easy job to change the original lease, so I would suggest contacting your attorney and have him obtain the new one and compare them for material differences. Amendments are required annually by the sponsor until all the units in the project are sold. If they were not issued, that is an issue with the sponsor and the attorney general can be contacted. Your attorney should have picked up on that as well. Whether or not there is something that can or should be done would probably depend on the significance of the lease changes and the contents of the amendments.
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.