Big purchases come with big reams of paperwork...it’s frustrating, but a fact of life. For co-op shareholders and condo owners, that concept can equate to hundreds of pages of documents outlining everything from the financial status of their residential community to rules on sharing common areas.
Occasionally, unit owners and shareholders require access to such documents, or need copies of materials provided at closing. While it’s impossible to share every document involved with the governance of the co-op or condo, most communities try to make materials readily accessible.
For condos, the basic governing document is the bylaws, and for co-ops, that document is the proprietary lease. “In addition, the offering plan, amendments to the offering plan, articles of incorporation, condominium declaration, and the master deed are also important documents for a building,” says John Czajkowski, management executive for 165 West End Avenue with AKAM Associates.
All owners and shareholders are “provided a copy of each pertinent document when they purchase a unit,” says Czajkowski. “The managing agent of the building is able to supply additional copies as needed, but keep in mind that reproducing these documents in hard-copy form can be expensive due to the large size of some documents.”
Still, though, continues Czajkowksi, “a master collection of each of these documents should be kept in a central location for easy access.”