How are Condo Board members chosen & are they compensated?
Started by LuchiasDream
over 16 years ago
Posts: 311
Member since: Apr 2009
Discussion about
governed by bylaws and the condominium act. no compensation.
Thanks. So when a building is converted into a Condo, is it the Sponsor who chooses the board members?
http://www.oag.state.ny.us/bureaus/real_estate_finance/pdfs/Condo.Problems.pdf
Q. How long can a sponsor control the Board of Managers?
A. Condominiums are generally established by a sponsor which files an offering plan
with the Attorney General's office and then can sell condo units to the public. When
the condominium becomes effective (established), the sponsor usually owns most
of the units and thus controls the Board of Managers. In most cases the Attorney
General requires sponsors to promise, in the offering plan, that they will give up their
control of the Board of Managers after they sell over fifty percent of the common
interest, or after five years have passed since the first closing, whichever comes
first. This may not be true, however in a newly construction or vacant condominium
where sponsor may control the board for a longer time.
Thanks Riversider. It's posts like these, where I learn something, that make it worth my while to hangout here.
board members are elected and they are not compensated.