notify new york attorney general when co-op apartments are combined

by Dr. Kade Orn MD 10 min read

What are the laws for co-op apartments in NYC?

If you are a market-rate tenant in a building that is going through a conversion to a condo or coop with a lease that has or is about to expire and you have questions, you may wish to consult a private attorney. You may obtain a list of private attorneys on the New York State Bar Association’s website. Other Tenant Resources. Tenant's Rights ...

What are the laws for selling a cooperative in New York?

Sales of cooperative and condominium units are made pursuant to the terms and conditions of an offering plan. The Real Estate Finance Bureau reviews offering plans to ensure compliance with Attorney General's regulations, as well as Article 23-A of the New York General Business Law (the "Martin Act") and other applicable laws.

Are You a tenant or owner of a co-op apartment?

Learn about resolving co-op issues. Learn about resolving condo issues. By Phone. Agency: New York State Attorney General. Division: Consumer Complaints Hotline. Phone Number: (800) 771-7755. Business Hours: Monday - Friday: 9 AM - 5 PM.

How are sales of cooperative and condominium units made?

An apartment in a co-op building that experienced a vacancy after conversion is generally no longer subject to rent stabilization. If you are a rent-stabilized tenant who has occupied the unit when the building was converted to co-op, then the only way the unit remains under stabilization is if you stay as a tenant.

Who regulates coops in NYC?

The Real Estate Finance Bureau has jurisdiction to review complaints regarding wrongdoing by offerors of real estate securities, including developers or sponsors of condominiums, cooperatives, homeowners' associations and timeshares.

Can you be kicked out of a co-op?

If you are a tenant in a co-op, you can be evicted. ... Co-op boards have a lot of freedom in deciding how to run their buildings and whether to evict a tenant for objectionable conduct.

Which of the following are referred to as the spaces in a building shared by residents of the building quizlet?

common elements. also known as common areas refers to the spaces in the building shared by residents of the building common areas include Lobby's corridors stairs elevators Etc.

What is the difference between a condominium and a co-op apartment?

The key difference between a condo and a co-op is the ownership structure. When you buy a condo, you own the unit and a percentage of the common areas. When you buy a co-op, you actually purchase a share of the property, and your lease enables you to live in a unit.Apr 19, 2021

Can you be evicted from an apartment you own New York?

An owner cannot evict a tenant from a rent stabilized apartment in NYC if the tenant or the spouse of the tenant is 62 years of age or older, or has been a tenant in a dwelling unit in the building for 15 years or more, or is a disabled person unless the owner provides an equivalent or superior apartment at the same or ...

What is a coop proprietary lease?

A proprietary lease, also referred to as an occupancy agreement, gives a shareholder in a housing cooperative the right to occupy a particular dwelling unit. ... When homebuyer acquires their stake in a co-op, they are also granted a proprietary lease for their unit.

What document allows a co-op owner to occupy a unit?

A proprietary lease is an agreement that grants shareholders in a co-op the right to live in a particular apartment space. Also known as occupancy agreements, proprietary leases stake out the rights and responsibilities of shareholders and the cooperative corporation's board of directors.Aug 12, 2021

Why is the initial plan for converting an apartment building to a cooperative or condominium called a red herring?

Why is the initial plan for converting an apartment building to a cooperative or condominium called a "red herring?" The legend on its cover must be printed in bold red lettering. shows where in the official county records CCR documents are recorded. ... What is needed to buy or sell a cooperative unit for a client?

What does a cooperative owner receive at the closing?

After closing you will receive a binder from us containing all of the relevant documents from the transaction. You then get to live happily ever after in your new coop until of course it is time to sell and buy a new property.

What are 3 disadvantages to living in a co-op?

ConsMost co-ops require a 10 to 20 percent down payment.The rules for renting your co-op are often quite restrictive.Because there are a limited amount of lenders who do co-op loans, your loan options are restricted.Typically it is harder to rent your co-op with the restrictions that most co-ops have.

Who runs a co-op?

Cooperative management should be regarded as a team consisting of four elements — members (owners), board of directors (elected), the manager (hired), and other responsible employees (paid). Each part of the team has its own distinctive duties and responsibilities for performing management functions in a cooperative.

What is a co-op apartment NYC?

What is a co-op in New York City? Co-op is short for “cooperative.” When you buy a co-op apartment, you are actually buying shares in a corporation that owns the building. ... Each owner is granted the right to occupy a specific apartment. This is called the “proprietary lease” for that apartment.

How do co ops handle maintenance issues?

Under most proprietary leases, the co-op is responsible for structural repairs to the building and repairs to the common elements of the co-opall parts of the building that are not inside the individual shareholders' apartmentsand repairs to the interior of shareholders' apartments, if the damage has been caused by the ...

What does a cooperative owner receive at the closing?

After closing you will receive a binder from us containing all of the relevant documents from the transaction. You then get to live happily ever after in your new coop until of course it is time to sell and buy a new property.

What does Misc condo co-op mean?

A condo is a private residence in a multiunit structure that includes ownership of commonly used property. A co-op is also a multiunit building, but that's where the similarities end. A co-op owner has an interest or share in the entire building and a contract or lease that allows the owner to occupy a unit.Jan 31, 2018

What is a co-op apartment New York?

What is a co-op in New York City? Co-op is short for “cooperative.” When you buy a co-op apartment, you are actually buying shares in a corporation that owns the building. ... Each owner is granted the right to occupy a specific apartment. This is called the “proprietary lease” for that apartment.

Who is responsible for pipes in condo walls New York?

unit ownerThe unit owner is generally responsible for all fixtures, appliances, and electrical and plumbing installations within the unit except if they are located in common elements and serve one or more units.

Is an HOA a cooperative?

Co-Op Associations: Different from HOAs and Condo Associations. ... Also known as a housing cooperative, this is a unique type of ownership. The corporation is membership-based, and as a homeowner you have a shared purchase in the property.Nov 23, 2018

What document allows a co-op owner to occupy a unit?

A proprietary lease is an agreement that grants shareholders in a co-op the right to live in a particular apartment space. Also known as occupancy agreements, proprietary leases stake out the rights and responsibilities of shareholders and the cooperative corporation's board of directors.Aug 12, 2021

Why is the initial plan for converting an apartment building to a cooperative or condominium called a red herring?

Why is the initial plan for converting an apartment building to a cooperative or condominium called a "red herring?" The legend on its cover must be printed in bold red lettering. shows where in the official county records CCR documents are recorded. ... What is needed to buy or sell a cooperative unit for a client?

Which of the following is considered chattel?

Chattel is the tangible personal property that is movable between locations. It can refer to either animate or inanimate property such as hogs, furniture, and automobiles. This property can be borrowed against using a chattel mortgage.

What is the difference between condo and co-op?

The key difference between a condo and a co-op is the ownership structure. When you buy a condo, you own the unit and a percentage of the common areas. When you buy a co-op, you actually purchase a share of the property, and your lease enables you to live in a unit.Apr 19, 2021

What are 3 disadvantages to living in a co-op?

ConsMost co-ops require a 10 to 20 percent down payment.The rules for renting your co-op are often quite restrictive.Because there are a limited amount of lenders who do co-op loans, your loan options are restricted.Typically it is harder to rent your co-op with the restrictions that most co-ops have.

What does the co-op shareholder get?

Ownership "Shares" in a Co-op The number of shares owned can be based on the size of the unit. As shareholders in the property, tenants get voting rights on issues affecting the property, including fees, common spaces, improvements, and when new prospective buyers are approved to live in the building.Nov 19, 2021

How do I know if my coop is stable?

More clues that you and/or your attorney should look for include:Financial statements that are not audited or are delivered more than four months after the end of the fiscal year.A board that doesn't meet on a monthly basis or record minutes.Negative cash flow.A history of constant assessments.More items...•Feb 14, 2012

Are co-ops risky?

Another risk factor for co-ops comes from its core characteristic of shared ownership – if one shareholder defaults on payments, be they maintenance fees or their share loan, it can affect all members of the association.Sep 12, 2018

How long does it take to close on a coop in NYC?

Answer: On average, it takes about 60 days from acceptance of an offer to close on a New York City co-op, according to James Woods, Esq., managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyers, sellers, and cooperative representation.Oct 21, 2021

What to Look For in The Offering Plan

The following are some of the problem areas about which there are frequent misunderstandings and discrepancies between what is stated in the offeri...

What to Look For Before Closing

There are many things that a person without technical training can do to inspect a home before closing: * Test all of the appliances;* Test all of...

The Housing Merchant Limited Warranty Law

In 1989, the State of New York passed a law to protect buyers of new homes. It is known as the Housing Merchant Limited Warranty Law (General Busin...

What to Do If There Are Problems

In both existing buildings and newly constructed buildings, purchasers must make a distinction between a purchase from a sponsor versus a resale. W...

What are the physical aspects of a condominium?

The Physical Aspects. When purchasing a unit in a cooperative or condominium, most consumers focus on location, size, amenities, and the price. Equally important is an analysis of the physical aspects of the property. This is true for newly constructed buildings, as well as existing buildings that are being converted to a cooperative or condominium.

Do apartment buildings need repairs?

In existing apartment buildings, there is always a need for repairs and maintenance of the building. A buyer should not be deterred by a need for some repairs, but the buyer should be aware of potentially expensive building-wide repairs and should know how much such repairs are likely to cost.

What is the Martin Act?

The Real Estate Finance Bureau reviews offering plans to ensure compliance with Attorney General's regulations, as well as Article 23-A of the New York General Business Law (the "Martin Act") and other applicable laws. Every offering plan includes detailed information related to the physical aspects of the building or group ...

What are the requirements for landscaping?

Landscaping: The regulations require that the landscaping be disclosed in detail, including such things as the number and type of trees to be planted, the approximate number of bushes, whether the grass will be sod or seeded topsoil, whether there will be an underground watering system, etc.

What are facades made of?

Many larger buildings in urban areas have facades made of materials such as brick, cement or exterior insulation finishing system ("EIFS"). Purchasers may wish to consult with an architect or engineer to understand the differences between façade materials.

What is a limited warranty in New York?

In 1989, the State of New York passed a law to protect buyers of new homes. It is known as the Housing Merchant Limited Warranty Law (General Business Law ' 777 - 777b) and, briefly stated, it provides that the seller of a newly constructed home of five stories or less guarantees the home for one year against almost any defect, for two years against defects in the mechanical systems of the home (such as the heating or plumbing system) and for six years against structural defects. The law contains detailed provisions as to how the buyer must provide written notification of the defects to the builder; those provisions are spelled out in the offering plan and must be strictly followed or the repair of the defect is waived. Certain items which occur normally and are considered maintenance items are specifically excluded from the warranty. A typical example is a small amount of nail popping through sheetrock which is caused by normal settlement of the building. Homeowners should read these provisions carefully.

When did condo conversions start?

In New York City, the first condo conversion plan was submitted in August 1961 and accepted in November 1962 in Queens. Since then, a rental to condo conversion became common in the City, followed by other major metro areas in the United States.

When did the conversion law change in NYC?

The change in the conversion law in June 2019 has brought most condo and co-op conversions to a halt in NYC.

When a conversion offering plan is submitted to the Attorney General’s office for review, is it mandatory to specify the

When a conversion offering plan is submitted to the Attorney General’s office for review, it is mandatory to specify the offering sale prices , also known as “insider prices,” under the Schedule A section of the plan.

What is a co-op lease?

The lease between you and the building is called a “proprietary lease.”. You pay a monthly maintenance fee to the corporation to cover the expenses of maintaining and operating the building, the property taxes and sometimes for the underlying mortgage on the building. Co-ops are managed by a board of directors.

How are co-ops managed?

Co-ops are managed by a board of directors. The board of directors is elected by and (generally) made up of shareholders. The corporation board must follow the rules in the by-laws of the co-op and also the proprietary lease. The by-laws and your proprietary lease state the rights and responsibilities of the corporate building owner and ...

Is a co-op a tenant?

If you live in a cooperative (also known as “co-op”) apartment, you are the owner (shareholder) and a tenant at the same time. You own shares in the corporation which owns the building, but you are also a tenant who rents an apartment from the corporation. You will be considered a tenant/shareholder.

What is condo building?

The condo building is divided into individual units and a common area. You own your apartment unit and an undivided interest in the common area. You are responsible for paying your own real estate taxes and your share of common charges for the expenses to maintain and operate the common areas and the building systems.

Can you be evicted from a co-op?

If you are a tenant in a co-op, you can be evicted. The board can start a non-payment proceeding or a holdover proceeding against you in Housing Court. Co-op boards have a lot of freedom in deciding how to run their buildings and whether to evict a tenant for objectionable conduct.