Subscribe for Daily Updates!
hosting large events - Sue May 04, 2016

Just wondering if there are any rules regarding cooperative apartment owners from hosting a large event (over 100)? Building is small 12 unit non-doorman building with small elevator. Seems event this size should get special Board approval but I do not know for sure if that is a "requirement".

> Join the conversation Comments (2)

You would have to examine your condominium’s declaration, by-laws and rules and regulations to see if there is a clause specific to large events being held in units. If nothing is stipulated, I think a board would be overstepping their boundaries by requiring board approval. However, the board pursuant to its general authority to manage the condominium and its common areas, may want to acknowledge, via letter, that they are aware of such a gathering being planned and remind the owner of their responsibility for their guests (e.g. noise by-laws, building damage, garbage removal, elevator use etc.).

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation

The prevailing factor with respect to the amount of guests permitted would be the C of O (Certificate of Occupany) for the unit, the elevator and the common party room, if your building has one. The C of O would stipulate the maximum amount of people allowed in any of the areas. While Ned's advisement to review your By-laws and House Rules is correct, a review of the C of O is necessary to ensure safety and Fire Department requirements are being complied with, and if the board determines such was not the case, and the number of guests exceeded the maximum allowable occupancy, the board must then notify the unit owner of the violation and be clear the condition cannot be repeated during their next event.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Sidewalk bike rack - Concerned@Condo Apr 13, 2016

On the city sidewalk in front of our Manhattan building, there is a small, u-shaped bicycle rack that our condo put up years ago (or perhaps had the city put up at our request) so that deliverypeople don't chain their bikes to our building's metal fence. (We don't have a doorman.)

Yet people -- both from our building and, evidently, elsewhere -- leave bikes locked there for days or weeks at a time. Sometimes we'll even find just a bicycle frame without wheels. Our on-site managing agent, who works for one of the biggest management companies in the country, says there's nothing he can do. He says city law allows bikes to be locked there overnight, night after night, and that if we remove them the condo can be fined.

In the meantime, deliverypeople who legitimately need to use the rack have to use the metal fence instead -- and our manager says restaurants with deliverypeople who do so won't be allowed to deliver to our building. That seems to penalize condo-owners who have nothing to do with these derelict bikes.

Is there nothing we can do? Must we have derelict bikes and ugly abandoned frames in front of our building, preventing deliverypeople or bike-riding visitors from using the rack? And what about penalizing condo-owners because of that? Does anyone have any suggestions?

> Join the conversation Comments (1)

Whether your condo put it up or the City did at your request is irrelevant; if it's on City property, it belongs to them. Your management company is correct as there is nothing they can do - it's a City bike rack, anyone can use it. I suggest that you contact the City (cityrack@dot.nyc.gov) with your problem and see if they have a solution for bikes that are left on the rack for long periods of time and suggestions for delivery people/visitors to park their bikes. You can also confirm with them fine information (if you take action and remove a bike). You can also report derelict bikes to the City and request removal however the bike must meet certain conditions. http://www1.nyc.gov/nyc-resources/service/1191/bicycle-chained-to-public-property

As a sidebar, why can't delivery people use the metal fence? You could always post a sign on the fence saying "Delivery Bikes Only Allowed. All Others Will be Removed". As for guest bikes, what do other buildings do that do not have a bike rack in front of their building?

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)

I suspect that the objection to delivery people chaining a bike to the building fence is that the chain will chip the paint on the fence (usually iron) and will need to be touched up regularly to prevent rust.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Condo Water Liens - DG Apr 02, 2016

If a water lien in our multi unit condo is sold, how is the total amount due distributed? Is it based on % of interest ? Trying to plan for the inevitable.

> Join the conversation Comments (1)

May I ask a couple of questions? Is this a lien on your building for outstanding (water service) amounts that is being sold? or is this a utility lien that your building owns (as an investment)?

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
integrity - MK Mar 30, 2016

i was shocked when my roommate discovered my personal information in the recyclable paper bin. The board president had thrown out all the information I had supplied for board approval to purchase. My SS #, bank accounts, credit cards, credit score, tax returns. It also contained meeting minutes and emails between board members. I called management and informed them of what I discovered. I do not have a good relationship with the board because of prior indiscretions. I think that at the very least I should have received an apology. I am a shareholder who has been marginalized and disenfranchised. The same board members for years, with no change in sight, the option to vote them out is nonexistent. I am so disgusted and repulsed by them. The annual shareholders meeting is in April and I am very apprehensive about attending since I have already been the subject of verbal assaults at previous meetings. Very sickening!

> Join the conversation Comments (2)

You should have received an explanation, an apology and a commitment that it would not happen again. Clearly they have no knowledge of privacy rights; something that you would hope a board would have some degree of knowledge about since they are dealing with shareholder personal information.

If, because of prior indiscretions and this incident combined you are concerned that this could happen again, you can file a formal complaint with the Office of the Attorney General (http://www.ag.ny.gov/sites/default/files/pdfs/complaints/piu001_complaint_form.pdf). I would call them first to see if this is the right avenue to do this. (General Helpline: 1-800-771-7755 for calls made within New York State). Perhaps they need an "official" reminder of the law (and their duty to privacy) versus it coming from a shareholder.

As far as the board remaining, it is unfortunate that like minded shareholders cannot get together and develop a plan ( i.e. replace the board) and support for that to happen. It takes a lot of work, time, coordination and commitment from shareholders - and someone to lead the charge. Otherwise, it appears that you are stuck with them unless it is specified in your rules & regulations (or bylaws) that they have a specific term.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)

Thank you, I have seen new buyers packages left right by door mat on board members apts to review with there apt# on package. Security breach, because your entire life is in those papers. Very careless. I hoping all board members would shredded documents that would be security and safty reasons apart from laws! Good luck Ned!

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation

Section 399-dd of New York’s General Business Law requires corporations and associations, among others, to protect the confidentiality of a person’s social security number. General Business Law section 399-h requires that certain measures, including deleting personal information or shredding documents that contain such information, must be taken by corporations or associations when disposing of personal information. These sections apply to cooperatives because they are corporations and also apply to condominiums because they are associations of unit owners. Therefore, boards must take “reasonable measures” to protect residents’ social security numbers, and properly destroy or dispose of residents’ personal information. Otherwise, the board may be subject to statutory liability.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Annual meeting, Election, Management fraud - Arkady Mar 25, 2016

The coop’s Board of Directors has had the same for almost 20 years. At latest time they did not have a general meeting for 5 years. There is a meeting scheduled for next Thursday. It is the first meeting in 4 years this time. The house By-Laws say there must be a meeting once a year.

There was no list of nominees provided. We called management and said they would only tell us who the nominees are at the meeting. Right after the meeting was scheduled, a group of people asked to be nominated for the board. Management is preventing these people from being included on the ballot. The rules do not have a nominating procedure specified. All these people meet the rules of who is allowed to serve on the board.

In addition to not accepting nominees, management is also not providing a complete list of shareholders or their contact information to anyone. The building has a lot of tenants so we don’t know who owns many of these apartments. We can’t contact them to find out their opinion about the board or elections. Meanwhile, we know management has been in contact with many of them and is collecting proxies for their candidates.

We believe there is fraud on the board, including embezzlement/ misuse of funds. Management is profiting from this and wants to keep things as they are. How can we fix this situation? Do you have any advice for us? Do management’s actions violate any laws? If they do, what can we do about it?

> Join the conversation Comments (1)

In New York: You need to look up your by-law and see what the rules are to vote all those frauds out. In some coop they require about 75% or 2/3 of shareholders' signatures to kick the loggers off the board; then get control of the board by putting in GOOD people who really care about the coop--this is very hard to do--selflessness is rare--then amend the by-laws with strict language and get shareholders' votes to enact the new provisions so the next bag of loggers won't be able to change by-laws when they want for their own benefit. Generally speaking, the BCL (New York) laws are the wrong type of provisions for coops; we really are not profit generating businesses or a regular corporation by any means--coops should have their own devoted sections of laws. We need to petition this with legislators. Bottom line you have to read every page of you by-laws and BCL sections 600s to 700s; it seems you have not read your by-laws. And you have to sue them for breach of their fiduciary--your members been there so long they probably got every corner locked in working for them. If your shareholders are not frustrated or angry enough to act--I advise you to move and never buy a coop again. We have the same problem in our coop, and the sleeper shareholders are half to blame. I'm on the board fighting the loggers crooks, getting smack down by the self-dealing majority, doing my darn honest best for the coop and it's bone breaking hard to get voters to sign my proxy. They make it like they are doing me a big favor when it's the other way around! I don't have a life; my spare time is spent looking over the cheaters, fighting with the cheaters, defending myself against the cheaters, trying to out strategize the cheaters, trying to catch the cheaters in action, watching my back against cheater supporters who are getting their little piece of the pie while everything is falling apart. I have to stop writing now otherwise I won't be able to post this message due to profanity--!

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)

In my building, a notice of the annual meeting is sent out within 30 days of the meeting, along with a proxy form where the recipient can name anyone to serve as his proxy and vote his shares. At the meeting, the managing agent runs the election, announcing the positions that are open, and that (generally) the existing board is running for reelection. At that time, the floor is opened to nominate other candidates, one other person must second a nomination, and the person is then added to the ballot as a write-in. A majority of the shares must be voted either in person or by proxy (sometimes more than 51%, depending on bylaws). Management then tally's up the votes and announces the new board.
Board minutes are supposed to be prepared after each meeting, and you should be able to review them at the management company offices if you request to do so. You should also receive annual audited financial statements for the coop corporation. If you can't get access to the minutes and don't receive financial statements, I guess you can make complaints to the Department of State or the attorney general.
I don't know if the board or management is required to provide a list of owners or not, how big is the building? Painstaking, but you can review the property records online (at least in NYC) and see who the owners are based on ownership records. Mortgages and other documents get recorded on sale. Or you can do phone number checks on the address (which may include renters or sublets too).
May be harder to deal with fraud, depends on what it is and if there is evidence that can be taken to some authority (district attorney, attorney general, etc.).

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Payments via e-Check vs. paper check - are they equally on time? - DM Mar 22, 2016

Back to the late fee. Our coop has traditionally accepted paper checks / payment on the 15th of the month "in-hand." Anytime after that is considered late. In other words, you can go to the office and drop off a check.
Now we have the option of electronic payment.
It seems an eCheck is essentially the same as a paper check. If payment is made electronically by the end of business on the 15th, and eCheck should count the same as a paper check. Thoughts?

> Join the conversation Comments (2)

If your payment is due on the 15th rather than the 1st of the month then yes, you would instruct your financial institution that the automatic epayments are to be made on the 15th of every month. It's up to the financial institution as to the time of day that the funds are removed from your account on that day (versus "end of business day"). If your payment is to be made on the 1st of the month, then you would instruct them to make payment on the 1st of every month.

Is the 15 days a grace period? Some condo's (graciously) allow grace periods for individuals that may have difficulty making payment on the 1st or are absent. If you are in those circumstances, I am certain that you would be allowed to make the epayment on the 15th rather than the 1st of the month. If not, then you should be making payment when it is due rather than trying to take advantage of the grace period.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)

The grace period is until - and including - the 15th. The due date is the 1st.
The billing person at eh mng agent office says it is OK to have personal checks "in hand" on the 15th and not get a late fee.
Usually we pay earlier but sometimes this happens.
The problem is the Board/mng agent is not counting an echeck as if it is a paper check. (at least, for one resident...)

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)

You mean they processing it on the due date of the 1st?

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (2)

My management co. lets you choose the date that they will debit your account. If that date falls on a holiday, they will debit your account a business day earlier.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation

No - It is not on autpay but we can pay via a registered electronic system. Is this clear to you?

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)

Actually it's not clear to me; I am familiar with EPS in retail.
In my own environment I signed a (purchasers) agreement that stipulates that my fees are due on the 1st of the month. We have a 5 day grace period - not a 1/2 month. 80% of our owners provide post-dated cheques - dated for the 1st, not the 5th. When we migrate to paperless (auto withdraw from banking account), it will still be due on the 1st of the month.

I think your condo is very gracious to allow a 15 day grace period (which is excessive) however it sounds to me that folks are working it to their advantage and instead of paying on the due date of the 1st, they want to pay, whether by hand delivered cheque or EPS on the 15th, the last possible day before interest is charged. Here's the thing: if all residents had the same mentality, waiting until the 15th, then why have a due date of the 1st (not to mention the impact it could have on available operating funds).

It sounds to me that you want to take advantage of the grace period whether you are paying by cheque or EPS. If your friend is so concerned with their echeque payment coming out on the actual day it's due, the 1st, tell them to revert to cheques like yourself and date them the 15th. Otherwise, the management company has every right to process the echeque when the amount is actually due - on the 1st of the month.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)

Sorry Ned but to accuse everyone of taking advantage is off-point Different residents pay at different times for varying reasons They may forget, they may be traveling, they may have money coming in after the 1st. We have several board members who regularly pay after the first.
Thus, the standard grace period offered by most coops.
It is not unusually generous. It is standard to have a grace period.
My question had to do with - is there a difference btw personal checks and e-checks ? They seem to essentially one and the sale for payment purposes. on the rare occasion you give a paper check in-hand on a certain date and it is considered within the permissible grace period then why not a paper check?

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)

I did not mean to insinuate that everyone was taking advantage of the 15 day grave period and apologize if it sounded that way.

Technically, the payment is due on the 1st of the month not the 15th and if they have a cheque in hand it will be deposited on that due date unless otherwise specified.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

Depends on what you are calling an e-check. If you initiate the transfer from your bank, you're 'pushing' out the payment. Be a little careful with that, not every payment will go out as an electronic transfer. My dentist, for example, gets a paper check mailed to him, which obviously adds a day or two. However, if your coop is 'pulling' the funds from your account, then they are responsible for generating the transaction on a timely basis to insure that the funds are in their account on the designated day. Generally, if the designated day is a holiday, the transaction will occur on the prior business day.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Regulations for operative smoke alarms - Elisa Mar 21, 2016

I own a condo in a small building. My smoke/CO2 alarm has not been operative. It's not just a matter of changing batteries -- I loosened the unit from the ceiling and note that it is labeled as "AC powered with battery backup." I checked the fuse box and everything looked ok; there were no blown fuses, so I should be getting electricity throughout the apartment. I wrote the board and managing agent for help in repairing it, and received the reply back that I'd have to pay for any repair. There also is no House Rule that stipulates that owners must keep their smoke/CO2 alarms operative. I realize that condo owners have more autonomy than coop shareholders so I suppose it's feasible that condo owners are financially responsible for their own smoke alarms. But since our building is an old tenement building it would seem to make sense to have a house rule that all units must have working smoke alarms. A fire in one apartment will spread to the rest of the building. What are the norms regarding smoke alarms in condo buildings? Should I suggest a new House Rule that all units must have working smoke alarms? And it wouldn't be much of a stretch to get some help from the managing agent in keeping them in repair. We don't have a super, however--to save money the building only pays for a porter (who does a great job in keeping the building very clean, but does not cover super duties). Thanks for any advice.

> Join the conversation Comments (2)

There are regulations under the USFA and other governing agencies which must be adhered to and may include the requirement for at minimum an annual inspection of all building fire related equipment (alarms, hoses, emergency lighting etc.) including an annual inspection of unit smoke and/or CO devices to ensure that they are in working order. Your managing agent should know the regulations. And yes, there should be a house rule specific to the responsibility of the owner for smoke and/or CO devices installation and maintenance requirements, i.e. replacing faulty or non-working devices.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (2)

Kiddie sells a combo alarm with a 10 year battery that sells for about 50 dollars. No need to use a/c but if your a/c power isn't working to your current alarm you may have a more series problem that is hidden behind the walls/ceiling with your wiring that needs to be resolved.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation

Thanks for your comment, Ned. I would also appreciate hearing from NYC-based condos regarding whether and how your buildings actually oversee individual units' smoke alarms. Do you have explicit house rules about smoke alarms? Do individual owners have to pay to upgrade/repair their alarms, or is this a service provided by the building super?

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation

NYC requires smoke and CO detectors in all apartments. Here are the regs:
http://www1.nyc.gov/site/hpd/owners/Smoke-carbon-monoxide-detectors.page
Buildings are required to track installation dates and replacements, but it's usually up to the unit occupant to maintain it. At the end of life of a detector in NYC, the building is responsible for replacing the units with a new one with a 10 year Battery life. http://rules.cityofnewyork.us/content/rules-requiring-installation-smoke-alarms They can also charge up to $50 back to the occupant.
.
You say that your unit says it is AC powered with battery backup. Have you changed the battery? That kicks in if there is no AC power. Do you know if it is/was connected to the AC power, or if the person that installed it simply relied on the battery backup to power it? Having a house rule is nice, but you need someone to enforce it, by knocking on doors and testing each detector periodically.
I would replace the detector ASAP if replacing the battery doesn't fix it, for my own personal safety, and not haggle over having a rule or waiting for the board or management to do something. Keep the receipt so you can show when it was purchased. If you don't have the ability to remove the old one (assuming it is connected to AC power), simply screw the new one to the ceiling near the old one.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Film shoot allowed in one apt only in a coop. Inequitable opportunity? - DM Mar 17, 2016

As we all know, cooperatives must treat all shareholders equally. The tradition in our coop has been that all shareholders can offer their apartment for film/TV shoots and the coop has never indicated otherwise. We have a freight elevator that allows access to all floors with minimal inconvenience as it is usually idle. There is one large apt on the first floor that gets almost all filming deals. Recently an upstairs shareholder was contacted by a location scout and the Board President, out of the blue ,told the scout no upper floor apartment are permitted and gave them the 1st floor owners contact info.
It seems very unfair to allow one shareholders to benefit monetarily for such an arrangement and deny others this opportunity and potential added value. (When they sell their apt. this added opportunity will , no doubt, add vale.)
We were never notified of this sudden, arbitrary rule change.
Is it inequitable? Nearby cooperatives allow apts upstairs as well as first floor.

> Join the conversation Comments (1)

I would initially contact the Board President and cc: other board members to confirm that the President did in fact recommended the lower unit to the scout versus the upper unit and if true, the rationale for doing so. If true, I would ask for the "tradition" of allowing shareholder to offer their unit for filming to be cast to a vote by all shareholders. If the board refuses to take to vote, then get the required number of shareholders to sign a petition requesting equitable treatment.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Legally enforcable late fees in a coop - DM Mar 11, 2016

Our proprietary lease states the following. What is the current maximum legal rate of interest? (I think it is 16%.)
And also does this mean that if you pay, say, ten days late, they can only charge that portion of time and not for the entire month?

"... the lessee shall pay interest thereon at the maximum legal rate from the date when such installment shall have become due to the date of the payment thereof..."

> Join the conversation Comments (1)

The interest rate varies from state to state. Refer to this chart (cut and paste into browser) http://statelaws.findlaw.com/consumer-laws/interest-rates.html
In New York it is 16% and yes, it is based on the number of days owing. Here is simple calculator using an example of $1,500 owing at 16% for 5 days overdue. Interest amount = $3.20 for those 5 days http://www.calculatorsoup.com/calculators/financial/simple-interest-calculator.php

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)

Our coop has a 15 day grace period. Therefore, if you pay on the 16th (due to a holiday weekend), are you one day late or 16 days late? In such a case should they charge you the late fee for one day?

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)

If you have a 15 day grace period, then no interest is paid if the payment is made WITHIN the 15 days. If they did not pay until day 16, then they owe the interest from day 1 so they owe 16 days of interest, not 1, regardless of it being a holiday weekend.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Resources for self managed communities - info@askthepropertymanager.com Mar 04, 2016

Hello Board Talk participants;

We are curious to know if any of you are board members in self managed communities or buildings and if there are any self managed organizations you belong to, and what other resources your board uses most commonly for advice regarding your property management inquiries.


Thank you.
asktherpropertymanager.com

> Join the conversation

1... 51 52 53 54 55 56 57 58 59 60 61 62 63 64 ... 220

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.

Introduce yourself to other members of Board Talk! Login below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Powered by eZ Publish™ CMS Open Source Web Content Management. Copyright © 1999-2014 eZ Systems AS (except where otherwise noted). All rights reserved.