Category: Q&A

Q. At our annual meeting, four of five board officers' terms were expiring. Nominations for reelection of these same four officers came from presiding officers. I researched Robert’s Rules, as well as our bylaws, and I did not see anythin…

Q. My co-op has $570,000 in reserve funds invested in CDs earning approximately 0.5% interest. My question is this—are we being too cautious given that the rate of inflation is about 2.7%? How can we get a better rate of return or is this…

Q. This is a very common age-old question in a cooperative. What are my rights for inheriting a co-op apartment if the unit owner unfortunately dies? If a unit owner is deceased and the property is turned over to the estate, what are righ…

Q. We are a cooperative that falls under the purview of the New York State Business Corporation Law. Is there a law in there allowing us to conduct a meeting without a quorum having been reached? We need more than 50% of the vote and cert…

Q.  “We live in a condominium development of 130 units. One investor own 48 of these units. He’s taken two seats on the board since 1986. No one votes for him, I suspect he always votes for himself and gets on the board. Can this be possib…

Q  I received a letter, dated May 4, 2015, stating that I have an illegal tenant occupying my unit.  It stated that all unit owners must inform management about any tenants and provide proper paperwork, including names, phone numbers, and …

Q  This question relates to vouchers. The management firm of our condo building will not let the unit owners see vouchers authorizing payments. They will only show us their internal ledger book. The Board of Managers does nothing to aid th…

Q   Until last year, our board was elected at the general meeting, with shareholder votes weighted by the number of shares they owned, and with these votes cast as one vote each for seven of the candidates (that being the total number of …

Q In our co-op association, we have new owners who have not registered their new certificates. Some have owned for a period as long as four years. Others have purchased as corporations and all it seems have children or parents living i…

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…