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Your condo board trying to act like a co-op board?

Started by greensdale
over 13 years ago
Posts: 3804
Member since: Sep 2012
Discussion about
Maybe they have less power over who lives there, and they can't have a mortgage, but they do have power.
Response by NYCMatt
over 13 years ago
Posts: 7523
Member since: May 2009

No they don't.

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Response by ab_11218
over 13 years ago
Posts: 2017
Member since: May 2009

you do have alteration agreements, maintenance, assessments, etc and all of that comes from the board's decisions

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Response by ph41
over 13 years ago
Posts: 3390
Member since: Feb 2008

I know of one condo that must approve all renovations, AND limits the time for a renovation - if it goes past that specified number of days (can't remember if it was 30 or 60 days) they levy daily fines (just like the "fancy" coops). Also, required financials, reference letters, etc. from prospective purchaser(who was buying all cash).

From renter, require 30 page application, non-refundable move-in fee (for a 1 BR was recently $1,500, a background check from one of only 2 approved companies, costing $250 (to be paid by prospective renter), and names of renter's attorney and accountant! They may not be able to deny the renter after receiving all of that, but it can certainly make it much more difficult for the owner to rent.

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Response by NYCMatt
over 13 years ago
Posts: 7523
Member since: May 2009

You gotta love these condo owners who first bought into the building with absolutely ZERO documentation requirements, who are now turning around and trying to create their own little pseudo-co-op fiefdom, requiring everyone ELSE to jump through their hoops ...

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Response by pier45
over 13 years ago
Posts: 379
Member since: May 2009

Matt, that sounds like the legions of co-ops that reject people who do not meet financial strength requirements that a decent percentage of the current shareholders would not meet.

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