why does the nys attorney general not help coops built before 1971

by Lydia Windler Published 2 years ago Updated 1 year ago 9 min read

Is a coop considered real property New York?

Co-op is short for housing cooperative; under New York City law, this type of residence is considered personal property rather than “real property.” Although the units are very real indeed, a co-op building is owned by a larger corporation.

Who oversees coops in NYC?

The New York State Attorney General's Office Real Estate Finance Bureau is charged with enforcing Article 23-A of the General Business Law (the “Martin Act”) and governing regulations that regulate the offer and sale of real estate securities, including cooperative interests in realty, syndications, and intrastate ...

What are the duties and responsibilities of the attorney general of New York State?

In fulfilling the duties of the State's chief legal counsel, the Attorney General not only advises the Executive branch of State government, but also defends actions and proceedings on behalf of the State. The Attorney General serves all New Yorkers in numerous matters affecting their daily lives.

What does the owner of a cooperative own?

A co-op, or housing cooperative, is a type of housing owned by a corporation made up of the owners within the co-op. The corporation owns the interior, exterior and all common areas of the building.Nov 15, 2021

How do you remove a co-op board of directors?

In almost all co-op bylaws, board members can only be removed by a shareholder vote. Many times that vote may be without cause, but there are co-op bylaws out there that do require cause.

What is co-op NY?

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. That might sound strange given a co-op listing advertises a specific apartment but technically, the buyer is purchasing shares.

Who does the NY attorney general report to?

The attorney general advises the executive branch of state government and defends actions and proceedings on behalf of the state. The attorney general acts independently of the governor of New York.

Is New York an attorney state for real estate?

Although attorneys aren't a required part of real estate transactions in many states, the local custom in New York is for both buyers and sellers to be represented by their own counsel. You might also want to hire a buyer's agent to help you find a home to purchase and advise you when making an offer.

Who is the AG of NY?

Letitia James (Democratic Party)

New York / Attorney general

Letitia Ann "Tish" James is an American lawyer, activist, and politician. She is a member of the Democratic Party and the current Attorney General of New York, having won the 2018 election to succeed appointed Attorney General Barbara Underwood.

Wikipedia

What are the disadvantages of owning a co-op?

Cons

Most 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.

How strict is a housing cooperative?

Co-ops must abide by the laws that govern fair housing, but they can be more restrictive than other housing options when it comes to ownership requirements. Because there is no landlord, and there are no tenants, the rules for purchasing shares in the partnership are set by the partners.

What happens when you pay off your co-op?

When you pay off the cooperative loan, the bank will return the original stock and lease to you and will also forward a “UCC-3 Termination Statement” that must be filed in order to terminate the bank's security interest in your cooperative shares.

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