3 replies to this topic

[ayudante]

do we have to pay a 1.69 % per share assessment imposed by our management co in addition to our regular maintenance fees and other assessments supposedly earmarked to pay for property tax arrears? we are $100,000.00 in arrears and normally property taxes are paid from the monthly maintenance fees paid by the shareholders. We received no explanation as to where the money had gone, why there were no payments made to nyc dept of finance,or of any extraordinary expenses. our building was not damaged by Sandy(hurracane). If we pay,do we get the money back? Who can audit our management co?

[pg1067]

I'm at a loss to understand how you would expect us to know. Think about it. Whether you have to pay this "assessment" obviously depends entirely on the terms of whatever contracts exist between you and the management company (which we obviously aren't privy to).

[adjusterjack]

do we have to pay a 1.69 % per share assessment imposed by our management co in addition to our regular maintenance fees and other assessments supposedly earmarked to pay for property tax arrears?

I'm guessing that the answer to that question is yes and that you can find it in your shareholder's agreement. Read it.

Who can audit our management co?

You will probably need to hire a lawyer and file suit against the co-op management or board in order to compel an audit.

You can foot the bill for it if you like or you can see if you can form a shareholder's association where everybody contributes to the attorney fees.

[FindLaw_AHK]

What does the agreement state regarding this matter?