coop board dictates sole exclusive broker for all apt sales- legal?
Started by peledasaf
over 17 years ago
Posts: 6
Member since: Oct 2008
Discussion about
I don't think so. Of course, after Pullman a lot of Coop Attorneys are telling every board that they can do anything they want, and with Pullman you have to wonder if they actually can.
Ah, David Pullman, everyone's dream neighbor.
While Coop Boards need ways of dealing with problem tenants like Pullman, there's been a lot of abuse of the case already by Boards seeking to harass tenants they had other issues with. Now, if a tenant has a real issue with a Board, if he threatens to sue them because they are doing nothing, they can Pullman the tenant rather than dealing with the issues.
who is David Pullman?
True, it swings too far one way or the other.
alpine, google pullman 67th, and the decision will be right on top.
http://www.cooperator.com/articles/871/1/Push-and-Pullman/Page1.html
If coop bds abuse Pullman, that decision will be revisited & narrowed (I hope).
"If coop bds abuse Pullman, that decision will be revisited & narrowed (I hope)."
they are right now and it isn't being, so...................
Thank you guys, but do you know the answer to this question? (legal answer please).
Why should I use their broker if I own the apartment? this is a free market.
How did the board "say" that? In writing somewhere, or just verbally? The board may choose to reject any sales applications involving a broker other than the one they want, and the business-judgement rule might protect them. You or another seller might choose to litigate over that. You want out of the building anyway, though, so why plow money into being the hero? The remaining owners might want to vote the board out, but if there're staggered terms that might take a few years.
disclaimer: I don't know shit....but..you don't own the apt. you own shares in a coop. Maybe there is some minor loophole similar to a publicly traded coorporation that allows them declare who the transfer agent needs to be. who knowa!
They sent a letter to all apartments owners to give exclusive to one broker if they decide to sell, there is more then 1000 apartments in the building, most of the people are old.
to NWT - my mom lives in the building and does not want to move out. I did sell her sister apt in the building after she died and the board tried to do some funny business with me at that time as well. they are taking advantage of old people all time, I have so many stories about this corrupt board and management company.
You need to check with an attorney on this. No one here can advise you without specifics (proprietary lease, amendments, etc).
Someone is getting a kickback.