2015 June
Focus on... Law & Legislation

Law & Legislation
2015 June Reducing Risks

For co-ops, condos, and HOAs, insurance premiums are some of those quiet necessities that tend to fly under the budgetary radar until it is time to examine the bottom line, provoking a search for savings. Without a doubt, insurance e…

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Law & Legislation
2015 June The Co-op as Legal Entity

Rare in all but a few cities around the country, residential co-ops are by far the most prevalent type of owner-occupied apartment in New York City, outnumbering condos by 3-1 by some estimates. According to a study commissioned by N…

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Law & Legislation
2015 June 2015-16 Legislative Update

The 2015-16 New York State Legislative season is here, and on the table are many housing-related bills, many of which directly impact co-op and condo board members, managers and residents. Housing is also on the agenda in the New York City…

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Law & Legislation
2015 June The Condo as Legal Entity

In South Africa, it’s called a “sectional title.” In Quebec, it’s a copropriété divise or “divided co-property.” In Italy, they call it “condominio,” derived from Latin. Regardless of location, a condominium—commonly referred to as “condo”…

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Board Operations
2015 June Boards and the Law

Having an apathetic, uncommunicative board is a big issue in many buildings and associations, but the opposite situation—a board that oversteps its authority—can be just as problematic. When a board does something it should not do, or fail…

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Law & Legislation
2015 June Avoiding Litigation

With dozens and sometimes hundreds of people living in a community governed by neighbors, acquaintances and friends, it should be no surprise that disputes can happen in co-op and condo buildings. The possibility of disagreements among res…

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Law & Legislation
2015 June You Must Be New Here

Every relationship starts the same way—people getting to know each other and moving into a new condo or co-op is no different. It’s actually a lot like moving into a new town; there are new neighbors, new rules and new community leaders. S…

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Management
2015 June Liquid Assets

Some lucky co-ops and condos offer the benefits of an indoor or outdoor swimming pool for their residents; it’s a splashy amenity that many people request when looking for a home…but there are many drawbacks, issues, and liabilities that c…

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Q&A
2015 June Q&A: Do we have to pay a flip tax?

Q I am the owner of an apartment in a co-op where I own about 9% of the outstanding shares. We are in the process of selling our apartment and were told that there would be about a 1% flip tax payable to the co-op after the sale. This fli…

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