I just purchased a co-op in February 2012. It was a sponsor unit. The sponsor had been renting the apartment since the building went co-op in 80s. This month I had an assessment for $1,500 added to my maintenance statement. The building management tell me that this is an annual assessment to offset/claim back the RE tax abatement. I asked how I stand on this since I never received any rebate or... [more]
I just purchased a co-op in February 2012. It was a sponsor unit. The sponsor had been renting the apartment since the building went co-op in 80s. This month I had an assessment for $1,500 added to my maintenance statement. The building management tell me that this is an annual assessment to offset/claim back the RE tax abatement. I asked how I stand on this since I never received any rebate or refund from the City. I was told that I am not entitled to a rebate since I just moved in and, because I closed after 1/5, I will not be entitled to the rebate next year either!! Can this be right? I am wondering if the sponsor received the rebate and how I stand legally in relation to having the sponsor pass the rebate on to me, since I am having to foot the bill for the cost of the assessment.
I checked the sale contract and there is a rider that seems to address this directly. Its states:
"In the event that one party actually receives any credit, refund, or rebate from the City of New York (and which is not offset by an assessment) in connection with the reduction of real estate taxes attributed to the period of the other party's ownership of the Unit, the receiving party shall promptly apportion same and deliver the appropriate amount to the other. This paragraph shall survive the Closing for a period of one year."
Can anyone please advise on this? I would very much appreciate it.
Thanks,
Karl
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