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We have found out our co-op has been giving the wrong copy of the lease to new buyers for 15-20 years. This means these shareholders all hold a lease which is not current and does not contain all the amendments some of which are very important. About 20% of the shareholders - the older ones - have signed a different lease. How do we remedy? The transfer Dept at the managing agent was very testy when this was pointed out. They charge $500 (!) for a transfer (which basically involved about $15 worth of xeroxing and 1/2 an hour of paperwork).
Join the Conversation Comments (1)In my building we started with the original lease and years later we had to pay more for my shares and got a revised lease. Is this what happened to you?
That is confusing. A coop may issue only one copy of a lease and it must be current. How was yours revised?? it cannot be revised without a 2/3 vote of shareholders.
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The lawyer says this is a big screw up.
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