Is it legal or ethical for the management company to take minutes at board meetings instead of the board secretary? If it is allowable, are there ways in which that practice will be problematic? Thank you!
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Although a rule regarding parking spaces has always existed In rules & regulations not by-laws, my co-op has never enforced this rule.
Now a new board has decided to put this rule back into effect because there are many new shareholders that were promised parking spaces. Therefore unless a vehicle is registered in the shareholders name, they are no longer entitled to a parking space.
It seems unfair to take parking spaces away from long time shareholders especially since the co-op was aware that some shareholders did not have vehicles in their name.
I read an article on your site regarding " WAIVER AND SELECTIVE ENFORCEMENT". If I understand this article correctly it states that if a rule has not been enforced for a long period of time it is null and void.
Is this correct?
Our cooperative used to allow WSH/Dryers. Then they made a rule - no new ones. The old ones are grandfathered in.
If a sponsor apt does NOT have a W/D when the regulated tenant vacates, dies or is bought out, can the sponsor or the new owner or renter then install one if it was not pre-existing?
)Please only answer if you know the actual facts of this). Thanks!
If our condo board which oversees a small 7 unit building has voted to approve a loan for necessary repairs on the building, is it necessary to get the written approval of all of the unit owners as well? One of the board members is now refusing to sign the closing documents on the loan which has taken over a year to secure and the processing fees have already been paid.
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Live in a co-op here in nyc. The co-op has 60 units, out of which the sponsor owns 30. The co-op converted in 1984 and the sponsor is also the managing agent. I bought my unit in 2007, and at that time was able to obtaining financing from Chase.
Fast forward to 2016. Have been trying to sell my apartment for a year, we have had 4 offers that went to contract, all fell through as no major banks (Wells Fargo, Bank of America, Citi, HSBC, TD, Capital One) nor NY credit unions will finance in our building due to high investor ownership. Understand that their have no successful refinancing in the building since 2010.
My current mortgage provider says they are not financing in our building because they cant sell the mortgage to Fannie Mae due to ownership. Wont even get started on the finances....
Has anyone had a similar experience, or have a financing entity that lends in these situations?
Last sponsor sale was in 2009 and they have no apartments for sale.
I'm in a tight spot and frankly not sure what to do. Open to feedback.
Developers point to rules governing rent-regulated leases as a reason for restrictions. If a developer offers a gym to a rent-regulated tenant and later decides to remove it, the landlord would have to get permission from the Division of Housing and Community Renewal, the state agency that oversees rent rules. Otherwise, tenants could be entitled to a rent reduction and reinstatement of the service.
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Our coop, which is comprised of shareholders and renters alike, has storage lockers in the basement available for monthly rent. There is a waiting list and it has always been is a first come system for ALL residents. The old House Rules state that any "resident" could contact the managing agent concerning availability.
We just received new House Rules which state, "When a resident leaves, the storage locker will be offered to the next shareholder on the waiting list. If there are no shareholders on the waiting list, the locker may be offered to the next non-shareholder Resident on the waiting list."
This seems outright discriminatory.
In addition, is this legal or not grounds for rent reduction based on a loss of service?
Our building is placing surveillance cameras on the outside of the building monitoring the surrounding sidewalk activity. We want to add an audio component to identify people who hang out late at night shouting and cursing. What are the legal issues with audio surveillance of this nature?
> Join the conversation Comments (3)We are currently dealing with a renter, who owes more than $5000 in arrears in a coop owned apartment in NJ, rent is $1250/mo. We received a judgement against the owner, but no payment yet and we have been here before with them. Is there a way to not end up in this situation going forward, ie special wording in the lease to get out of the commitment? The renter passed the usual credit background check. Just wondering is there is a way to avoid this going forward and what other buildings do.
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The annual report and absentee proxy ballots were distributed to all the shareholders for the up
coming annual meeting.
There were quite a few shareholders who misplaced there absentee ballots and were not able to attend
The meeting but wanted their votes to count.
When the onsite manager was asked for additional absentee ballots, he refuse and said one ballot to
each unit was already provided.
When challenged, he contacted his boss who contacted the attorney who said the person requesting the ballots would have to come into the office and that if they were unable to he would have to deliver them personally to the shareholders.
He never forwarded these instructions from the lawyer because he said he was out of the office and did
not have internet access. Therefore no action was taken on the part of the management company to my request for additional ballots.
I told him he should have called his boss who sent him the email him and explained that he was unable to deliver the information to the shareholder and that he should forward the email with these instructions. In addition he wasn't in the office and could not deliver the requested absentee ballots. He did not have a response. I also told him that his actions or lack of, denied shareholders their right to vote.
Can the shareholders contest and call for another vote at t he expense of the property manager?
Thanks
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There could be a "conflict of interest" if the Management company is taking the Board minutes, but here's how I resolve this with my Boards that we do this for:
1) Ask the Board to appoint the agent as the Assistant Secretary for the purposes of taking minutes.
2) Acknowledge in the Minutes that the Board of Directors acknowledges the inherit conflict of interest and after reviewing this, move to allow the minutes to be taken by the Manager in question.
3) The Manager will take the minutes at the meeting and should release them in Draft form to the Board of Directors / Managers within one day so that the topics of discussion are still fresh in everyone's mind and the points of interest on the minutes are accurately and completely reflected.
4) Whether or not the Manager or the Secretary are taking the minutes, the Minutes should be written with only motions noted, as they are a legal document. No points of conversation, opinions or detailed, private information should be shared.
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