While the death of a shareholder is a serious issue for boards of directors and their managing agents, the current COVID-19 crisis has greatly heightened the issue and this blog post is a brief outline of issues arising from the death of a shareholder and actions the cooperative can and should take.» Read More
This article summarizes a presentation given before the Coordinating Council of Cooperatives on April 13, 2019.
All too often, co-op boards become entangled in disputes with contractors and subcontractors who perform work, not on the building’s common areas, but within individual apartments for a shareholder or unit owner. Typically this happens when the shareholder or unit owner fails to pay the contractor or subcontractor who did the work, and the contractor or subcontractor then files a mechanic’s lien under New York State’s Lien Law.» Read More
A transfer fee, or “flip tax” as it is commonly called, is a revenue-producing measure utilized by many cooperative buildings. Typically, an owner pays a flip-tax fee to the building upon the sale of his or her unit. A flip tax allows the cooperative to generate extra income for the building, enhancing the reserve fund and alleviating annual maintenance and operations costs, without raising maintenance or imposing special assessments upon current owners.» Read More