If someone is convicted of defrauding people in a home-equity stripping scheme, could they still serve on the board of directors?
I know it's a violation of most proprietary leases for a shareholder not to follow the House Rules. My question is if multiple letters to that shareholder are ignored, what REALISTIC recourse does a coop have? Would a housing court judge really declare a shareholder in default? On the one hand, it's not fair for 1 person to get special treatment, but on the other hand, I'd rather not spend shareholders funds paying legal fees. How does your Coop handle enforcing House Rules? Thank you.
can a coop that does not traditionally charge late fees for the portion of the bill for storage,(only late fees for mntnce) , suddenly bill one shareholder for a late fee for the storage portion if this is not precedent?
One of our shareholders has had a revolving door of, so called: roommates. The shareholder does live in the apartment as well.
Therefore our board would like to say:
Hey this does not appear to be a roommate situation (allowed by law), and not subject to board approval, but a sublet situation, subject to board approval, or rejection.
Any other coops have similar situations and how did you handle it?
We are having a problem with the transient nature of the roommate relationship.
Our governing documents permit fines (up to a certain limit) for House Rule violations. If your coop has adopted fines for breaking House Rules, has it worked out well or caused resentment and backlash? Do you have a 3 written warnings and then a fine sequence?
hi everyone...
the president of the board needs a windows computer to access our operating account. Since he has a mac, right now only the treasurer, me, has online access to the account. He suggested the board buy software for his computer ($300) so he can run the application on his mac.
keep in mind we are having trouble paying bills as it is....
In addition he says he will buy the software and then provide the board with a receipt and have then he can get reimbursed with a credit on his maintenance.
He said he has done this before, but it just doesnt sit well with me. Is this a familiar practice by board presidents?
thanks in advance for your help.
rene
Small hdfc coop, we have some market value rentals in apartments that never got sold. Does a shareholder have the right to know when those apartments are being sublet, meaning the market value tenant is subletting while they're away on vacation (call it a sublet of a sublet, I guess)? Does a shareholder have the right to know when vacant apartments that have never been bought (still owned by the coop) are going to be sold? Does a shareholder have the right to know who their new neighbors are?
I need some help fast. Several members of my Board (coop)want the president to step down or they will vote him down. This is because a small group of shareholders are 'up in arms' like they are every year and a capital improvement is taking longer than expected and of course blaming it all on the president since he headed the project. My question is how can they do this for such trivial reasons? Isn't removal from office for serious matters? If you can help, it would be appreciated.
Is there a difference in yearly MA fees a managing agent charges in managing a coop vs a condo?? We were a coop when we hired this MA and since then we converted to a condo. Someone stated the MA should charge less because there is less to do--I say no, the charge is the same. The only difference really is that we pay our taxes and their is no mortgage( beside no board approval to move in and other little incidentals).
On 7/23/08 Congress passed legislation that will now include coops within the popular government-insured HECM Reverse Mortgage guidelines. Undoubtedly, this will create numerous inquiries by senior shareholders in the months ahead who will be considering this type of financing.
In response, coop boards will be looking to be educated on this subject. As a reverse mortgage specialist with Cambridge Sr. Capital (a preferred lender with NRMLA, www.reversemortgage.org) I can address all your questions about this program.
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