The best-run co-ops and condos regularly update their house rules document, providing essential information to residents, the board and the professionals who work with the building, on everything from payment of arrears to installation of w…
Since it's a common belief that the best way to get something done is to give it to a busy person, it's often the busiest shareholders and unit owners that are elected to serve on the board. How do they find the time to add yet another resp…
When it comes to key security, most co-op shareholders and other tenants have no choice but to trust in their building manager. That's because New York state law requires tenants to provide landlords with duplicate keys, if requested. Wheth…
Lucky are the board members of co-ops and condos who are able to play a purely supervisory role, simplyoverseeing the work of the managing agent who has the serious job of taking care of the building. In the vast majority of cases, however,…
Board members don't always see eye to eye. In a tragic case in Boynton Beach, Florida, an argument over the number of votes needed for a quorum led to the accidental death of a 70-year-old board member. During a discussion about the upcomin…
Will you trade in your co-op or condo for a Florida address when you reach retirement age? Don't be so sure. More and more New Yorkers are choosing to age in place in the same apartment they fell in love with when they were in their prime. …
One of the most common problems in co-op and condo management is the failure of building boards and staff to maintain accurate and accessible records of the past performance and activities within the building. Recording the minutes of board…
The terraces were crumbling and the board engaged an engineer to make a recommendation. When the engineer reported that the terraces needed several hundred thousand dollars worth of repairs, the board went through a bidding process with the…
Anyone who has spent time serving on the board of his or her co-op or condo knows that it is a job that no one can do alone. Even if you have the most conscientious group of board members, the job is too time-consuming for a group of volunt…
While real estate brokers live by the old adage, Location, Location, Location, accountants define their relationships with the real estate community with another phrase: Communication, Communi-cation, Communication. While cooperatives and c…