Legal Question in Real Estate Law in New York
Coop Owner Rights vs Board of Directors Rights
Hello, i own a coop apartment with no existing mortgage. I only pay a maintenance fee each month. Due to some overwhelming bills, my payments were 6 weeks late. I received a nasty letter stating that the board of directors could sell my coop unit at auction because of this, and that no further notice would be given. Do they have the right to threaten me like that? My gut feeling is that they do not have any right to do that or even threaten this. I appreciate your advice.
3 Answers from Attorneys
Re: Coop Owner Rights vs Board of Directors Rights
If you were six weeks late, it is possible that you may be in default of your obligations under the by-laws and/or proprietary lease. This might allow the coop board to do what they are threatening to do. You might want to write a letter of explanation/apology. In the event this reoccurs, they might not be as nice.
In examining this response, please note that we are not entering into an attorney/client relationship, that this is to be taken as informative, and not as legal advice, that it is always best to speak to a lawyer in your area and/or in the area where the transaction and/or events occurred, and that my answer is necessarily limited by the fact that I have not seen the documentation or had an opportunity to go over the matters with you in detail.
Re: Coop Owner Rights vs Board of Directors Rights
Check your coop documents. Failure to pay allows the coop to register a lien against your shares. If the lien is unpaid, I am sure the documents give the Board the right to recover what is owed by reclaiming the unit.
Re: Coop Owner Rights vs Board of Directors Rights
They might. Review your plan and by-laws that should have been given to your lawyer for you before closing.
Good Luck
RRG
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