by Debra Guzov | Real Estate Legality
Buying an apartment through a Limited Liability Company or LLC may be a way to limit personal liability or protect assets, but it may not be a viable option. Even if it is, it might not be worth the trouble. In the first instance, the purchase of a cooperative...
by Debra Guzov | Real Estate Legality, Real Property
Acting as a board member for a co-op or condo can seem like a full time job. Shareholders select board members to make and implement day-to-day decisions for the building. As a board member your role is to protect the interests of all tenants, owners and...
by Debra Guzov | Real Estate Legality, Real Property
In the by-laws for each co-op and condo, there will be provisions outlining the requirements for a quorum and in what instances a quorum is required. A quorum is mandatory at shareholder meetings or when the board is conducting business, except when otherwise provided...
by Debra Guzov | Real Estate Legality, Real Property
Every co-op has a body of rules governing the building and the shareholders. These include the building’s by-laws, the proprietary lease and the house rules. However, in under some house rules, shareholders are expected to follow peculiar provisions such as only being...
by Debra Guzov | Real Estate Legality, Real Property
In most co-pp and Condo residencies, shareholders and unit owners select board members to make and implement day-to-day decisions for the building. Board members owe their shareholders and unit owners a fiduciary duty to protect their interests in the building. The...
