I own a condo in a small 7 unit building in Brooklyn which I decided to sell. Unexpedity the board raised maintenance from $280 to $2000 a month without meeting, proposed budget or any explanation. I hired an attorney who asked to provide a justification for such increase and the board refused to do it. Since I was about to complete the sale I offered to pay my share of the summ that they are trying to collect in one installment and they refused to accept it and recused to tell me how much are they planning to collect and for what purpose. I can't even see bank statements. What can I do at this point? Please recommend a good lawyer for this matter.
Join the Conversation Comments (2)Otherwise I cannot make sense of your posting. What sum are they trying to collect?
It's a self managed 5 years young building. We do have separate "repair fund" which we contribute to as well. $280 covers water, electricity, insurance and cleaning/snow removal. Other expenses come covered from "repair fund". The maintenance was increased to prevent me from selling the unit. I would love to know myself what sum are they trying to collect. I am eager to pay them instead of attorney. But When I asked what sum are they looking to collect the only thing I was told that the number is "catastrophic". I don't want to sue the board, but they keep me as a hostage here. Needless to say that all other unit owners are Russian family members and friends and at the meetings a lot of time they speak Russian and I have no clue what are they talking about. Any ideas on how to communicate with the board to make them release financial statements, reports and budget, tax return....and justify the increase???
why do you need to sell the unit and who are you selling unit to?
I am treasurer of a condo in NY. I dont give owners stuff like reports, budgets and tax returns. What I do give them which is required by law our the annual financials. Usually due around a month after tax return is filed. It compares current year to prior year. If you have that plus the prior two years financials it gives a buyer a four year financial history. Pretty much you can see if you are spending more every year then your are taking in for maint and if folks owe arrears.
NYS does not require a reserve study. But is this a new building. Or was it an existing building? What could happen to a building in such a short time.
Who is the accountant? I mean even small building do a compiled financials even if not audited. I mailed my financials for 2014 to my condo last week. Also who is treasurer?
BTW small condo buildings rarely do a budget.
I accepted a new position within my company in headquarters in Dallas, TX. It's a permanent job and I have moved my family there already. Nothing is holding me back in NY. Buyer is a very intelligent family with Russian background. In by-laws it says that the board "doesn't have the right of first refusal".
As much as I appreciate your input in my question I get a feeling that you agree with my "board" and their actions. How is it fair to me to be told to pay $2000 a month without a single explanation. I offered to pay my share in one installment. I offered $10k, $15k, $20K but they don't let me pay. They want the maintainance to be $2000 ( how did they come up with this exact number is a mystery) and prevent me from closing on my unit. No buyer would want to buy a small condo with no amenities and $2000 maintenance. And the building was a brand new brick construction. Built in 2010, received c/o in 2011.
The treasurer is a guy who filed 3 lawsuits in a small claims court against the board ( for about $12 total) for some defective repaires that he performed on his unit). At the time of the hearing "The President" who is a friend of course had no objections and agreed to pay him requested amount. what do you think now about my board?
Your postings contain incomplete information and/ or uninformed info.. If people could post full correct facts on this site , it would help elicit short, correct replies and advice.
Your postings do not make sense. There is something you are not telling us.
Have you paid all your bills and taxes in full?
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$280 is way too low to charge in maint. Obviously your reserve account is near zero and your have some big bills or repairs coming up. A 7 unit building has great difficulty borrowing and most likely does not have full audited financials or even a outside managing company.
You elected board to represent you. I guess they feel the need to do this. Also you should have brand new financials. Financials and tax returns for 2014 should have been due in April. They normally get mailed out or sent to owners by late May.
A lawyer is useless at this junction. I would say you need to look at the financials first and talk to the Accountant for building if you have one. Also does building have a lawyer on retainer?
Honestly, I am on a board. And as soon as an unit owner starts talking they are hiring an attorney to sue me I no longer talk or communicate with them.
at that maint of $23,800 for an entire building how is that even possible. Casualty Insurance on a small building, liability insurance, D&0 insurance, paying the CPA to do financials and mgt fee/legal fees would be 100% eaten up on a $23,800 budget with no money left for maint, repairs, heat/electricity water common areas and snow removal let alone reserving for a new roof etc.
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