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I was a holder of unsold shares in a coop. One of the benefits of that status is not being subject to the coop's flip tax. Then, 23 years after I purchased the apartment I moved in. That triggered loss of unsold share holder status. Now, 13 years later, I am selling the apartment. Our Coop has a flip tax based on profit. Do I use the initial purchase price (from 36 years ago) or measure the value of the apartment at the time of loss of holder of unsold share status in computing the flip tax?
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My Mom is refinancing her co-op. She is almost done with the process and the management company emailed her today saying she had fill out a refinance application before the recognition agreements were signed. I said to her “wth is that?” She showed me the application and its a blank financial statement as if she buying a co-op asking for all financials credit report and asking for $250 application fee. I told her don't fill it because there is no reason to give this info when she is already a shareholder.
There is nothing in the by-laws, proprietary lease talking about this. She already paid $500 for the questionnaire which ok.
Has anybody every heard of refinance application required by management?
Does anyone know if there is a time frame to clean out a unit by the beneficiaries once the owner has passed?
> Join the conversation Comments (1)Hey All, we've had two shareholders recently want to add and remove a family member from their stock certificate. In both cases the transfer attorney our co-op employees charged them $5,000. This seems like an outrageous amount of money to me. Our Treasurer who is friendly with the transfer attorney said it was possible that recent changes in how co-op shares are treated for tax purposes may have led to the high bill. But I've been doing research online and cannot find a single article mentioning this change. Is there a validity to this or are our shareholders being gouged.
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Hi There,
If anyone could give some advise..please? Live in a co-op and having an issue with our toilet backing up. It starts off making gurgling sounds when neighbor upstairs flushes his toilet then all this water comes spewing up..just great..we call to tell management. They send the plumber...Plumber snakes the pipe...2 weeks not even ...later gurgling noises again and water spewing ...tell the plumber..comes back snakes it again...not quite 2 weeks and its making same noises etc..I contacted management...their girl in the office starts yelling at me (shareholder) that i the plumber was here twice already and I can't keep calling them to have plumber here to unclog my toilet! What??? Excuse me but first we can't just call the plumber unless it goes through management and the toilet getting clogged is not of my doing?? There is a problem clearly in the sewer pipes is my understanding if when the neighbor flushes my toilet gets backed up.
Management is trying to put the responsibility on me to pay to have this done?? I need to "maintain" my toilet. What?? If the toilet is 7 years old and the toilet isn't the problem its the plumbing.
How do go about getting them to get this resolved? The plumber has been working this property for 30 years and I honestly think he's been just milking this place. He never went upstairs to check neighbors toilet, never went under building to check pipes. My memory plumbers are all over the place checking to see whats going on..
There are no rules in proprietary lease or house rules banning dogs. But me and wife heard there a no dogs allowed and we have not seen any dogs around the property. The shareholders here seem to be in lala land walking around in fear of the board. I We want to get a dog but are trying to figure out how to go about it. The board sucks and have not had any annual shareholders meetings in 2 years. Management said its up to the board on case bases. I think thats b.s. We would like to know would there be any legal ramifications if we get a dog and then we are told to get rid of it?
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Can I leave my co-op to a friend who is not an owner or on the proprietary lease in my will? The person would not want to live in the co-op, it would be sold.
I am in the process of trying to convert my Mitchell Lama complex. I have been working on the project for approxim ately 3 years. I have had Town Hall Meetings, notices, direct mailings, and many conversations. Does the new legislation raising the bar to 80% final approval apply to me. I am still working on getting the 50% required in the process? Would I be grandfathered in?
> Join the conversationI am helping my son and his wife write their Wills. They have minor children and already have a relative who will act as guardian if the parents die. Does anybody have language I can use in the Will for this? Thank you.
> Join the conversation Comments (1)Does anyone know the legal status regarding people storing e-bikes (with those flammable batteries!) in their apartment or coop building? I will guess that the law hasn't caught up with this craze, but I'd love any information or direction. Thank you.
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You'd need to ask an accountant (or a lawyer) to be sure, but it's hard to see how you could argue that the base price is anything other than your original acquisition cost. You were the owner from that point forward and your stock and lease surely carry that date.
Also, as a practical matter, unless you had an apartment appraisal done when you lost your status as a Holder of Unsold Shares, you'd be hard pressed to establish its actual value at that point.
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