How One Co-op Got a Crash Course in Its Own Rules
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How One Co-op Got a Crash Course in Its Own Rules
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What would happen if your co-op's proprietary lease didn't actually give your board the powers you've always assumed it had? That's not a hypothetical — it's exactly what happened to one New York co-op. Tracy Peterson, a principal at Braverman Greenspun, takes Carol Ott through a case where digging into a co-op's proprietary lease revealed a provision so unexpected that it had escaped notice — by attorneys, managing agents, and board members alike — for more than 40 years. She breaks down what the board found, how they handled the fallout, and what every board member should take away: read your governing documents, because the surprises are in there. Habitat's Carol Ott conducts the interview.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!