Editor’s Note: During this crisis, The Cooperator family of publications will be passing along information, tips, and FAQs submitted by our network of industry professionals, including attorneys, managers, and other subject matter experts. …
The majority of co-op and condo residents pay their monthly maintenance fees on time and in full with no problem. The recent recession, however, changed the picture drastically for residents who found themselves laid off, under-employed, or…
When the bank took back a Harlem condominium, the rest of the building's residents were stuck with years of unpaid arrears by the former resident. “There was a tremendous amount of arrears from about three or four years already accruing…
While for many laypeople cooperatives and condominiums are essentially interchangeable, from the legal point of view they are radically different institutions. Much of this difference can be attributed to history. Co-ops have …
Most boards of co-ops and condominiums spend a lot of time negotiating the terms of their contracts with general contractors; however, it is often subcontractors who do most of the work. Sometimes the Boards are not even aware of how m…
Consider the following all-too-common scenario: your condominium association has one delinquent unit owner who owes three months of common charges totaling $915.00 before late fees. Statements have been sent without response, and telep…
Q I am three months behind in my homeowner’s association payments. Can the condominium foreclose on my unit? My mortgage payments are up to date, and I called my lender who said, ‘no, they cannot foreclose.’ What do you say? I wrote a…
Q Our 200-unit condo association has seven delinquencies. Six of these cases have been delinquent for over a year. Liens are in place, and all are in the hands of our attorney for collection. Most are mortgaged past fair market value…
Q I am on the board of a cooperative building in New York City. We have recently received two requests from shareholders looking to borrow additional funds by taking out a second loan, (in each case an equity line of credit arrangement) t…
I’m a condo owner in New York City. I have written to the management company of our condo regarding some issues I have been having, but the management company has not taken any action to remedy the situation. I would like to make my mai…