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to ask some hard questions: “Do we need to save energy? Is it worth it? How can we pay for it?  Will
are sitting on mortgages that were written when rates around 3% — and now they're around 7%, deterring sellers
would ask, “Did all our maintenance or common charges come in?” If they didn’t, you look at who didn
Bank (NCB) extended a $6.5 million first mortgage and a $500,000 line of credit to Hudson Courts at 4
and the mortgage, if it’s a co-op, to make sure they’ll be able to get consent from their lender to take on more
or to unit-owners who want to refinance their mortgage in a condominium, lenders follow guidelines issued
transferred to the do-it-once-and-do-it-right school. “If you don’t need money, why ask for it?” says board
as mortgage, utilities, operations, property damage, suppliers and worker protection. In determining average

Legal Lessons: Finances UNABRIDGED

Magazine Article by Arthur I. Weinstein, Douglas P. Heller on November 01, 2009

that resource more valuable, we have increased the scope of what we asked participating lawyers to provide

Longacre Takes the Long View UNABRIDGED

Magazine Article by Paula Chin on January 25, 2018

– like taxes, mortgage, and utilities – with ongoing funds, and pay for one-time capital projects

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Ask the Experts

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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

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