Page 17 - CooperatorNews NY April 2022

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Cesarano, CPA 199 JERICHO TURNPIKE, SUITE 400 • FLORAL PARK, NY 11001 (516) 437-8200 and 718-478-7400 • info@ck-cpas.com cesarano &khan1_8 use this_:cesarano &khan 4 7/22/15 4:59 PM Page 1 COOPERATORNEWS.COM COOPERATORNEWS — APRIL 2022 17 concur with this provision is reasonable attorney’s fees.” Dennis Greenstein, a partner with the Manhattan offices of law firm Seyfarth Shaw, cautions clients to be on the look- out for potential communication prob- lem areas. “If there is an unsafe condi- tion, for example, such as construction defects that could put the residents in danger of physical harm, and the board chooses not to disclose or fully disclose; there could be financial problems due to a theft by a board member or agent of the building which has put the coop- erative, condominium, or HOA at se- vere risk; there could be a gas leak or a similar dangerous condition that is be- ing concealed—if the board members are found to have committed acts which are deemed to be exclusions under the build- ing’s insurance policies, they likely will be denied insurance coverage to defend them from claims, and not be indemni- fied under policies that otherwise would have covered them under their directors and officers and other insurance. In such event, the board members also would likely not be covered by the indemnifica- tion provisions of the bylaws of the co- operative, condominium, or HOA. This would include not covering fines, pen- alties, and legal expenses for findings of such breaches of law.” In the broader picture, clear and effec- tive communication is the best policy for co-op and condominium boards. Trans- parency leads to a more cohesive com- munity. At the same time, it is the board’s and management’s responsibility to han- dle sensitive information correctly both for the sake of the community as a whole and the individual residents. n A J Sidransky is a staff writer/reporter for CooperatorNews, and a published novelist. He can be reached at alan@yrinc.com. “There’s simply not enough activity that needs to be disseminated to the shareholders or unit owners 12 or even six times a year.” —Zach Kestenbaum in the North Central and Mountain West regions skew larger than those in coastal states or in the South. Interestingly, the share of houses with four or more bed- rooms in each state is not highly corre- lated with either median home price or median household income. At the city level, the survey found even more variability. While many cities in the aforementioned states stand out as having large homes, notable additions include younger cities in California and Texas. When compared to older, more established cities, those that have expe- rienced rapid growth in recent years tend to boast larger homes. For more information, a detailed methodology, and complete results, you can find the original report here: https:// www.hireahelper.com/lifestyle/us-cities- with-the-largest-houses. n 7.9%... continued from page 7 you can visually see into the building—for instance if there is a large window that looks into the lobby.” Amid the things to consider when put- ting a home up for sale, there are a few pro- fessional designers and home stagers feel are important. Many are common sense issues that people often overlook when preparing a property to be shown. So Play Nice Just because a set of rules has been made doesn’t mean that all residents will actually follow them. People break rules all the time. Some residents might not take ‘no’ for an an- swer and want to challenge what the rules say. Perhaps Mrs. Gnome Lady says that her little buddies are a form of creative expression and removing them violates her constitutional rights? Outlandish? Not really. “The most common challenge from resi- dents is saying that it violates their constitu- tional rights,” says Greenstein. “But again, people buy into the association and they agree to provisions in the deed. Rarely are there in- stances—unless it’s a discriminatory violation of the law—that the courts would reverse a decision by the board.” Laws are often laid down for a reason— and it’s not to make your home ownership un- pleasant. In some cases, it’s to protect the asso- ciation from damage or breaking warranties. “For example, many buildings are un- dergoing terrace restoration,” says Lepper. “There’s a coating on the surface of the res- toration and the warranty is very specific as to what can be placed on those terraces. You need to strictly adhere to it or you are jeop- ardizing a warranty or guarantee, so boards want to be careful of the restrictions they THE IMPORTANCE... continued from page 10 continued on page 18