They are the ones who maintain elevators, lay traps for rodents, re-tar the roof, mow the lawn, and rewire the lights in the association clubhouse. If a water main bursts, they repair the leak. You can find them under the boilers, in the fl…
Boards of directors in co-op and condo buildings are generally elected volunteers who live in the community themselves and have a vested interest in preserving its quality of life while protecting the investment that the building or deve…
Most residents of a condo, co-op or HOA know at least a few of their board members—or at least know their names. Often, the same people serve on the board year after year. But what makes them want to serve? And why don't new people const…
It's a job that eats away at your free time, often results in you being bothered in your home after-hours and on weekends, and to top it off, doesn't pay one red cent. In fact, add up expenses like phone calls and gas, and you might even…
If there were metaphorical rock stars in the financial management of a homeowner's association, those rock stars would be known as the treasurer, accountant and building manager. These three are the power trio of the co-op and condo fina…
Three years ago, a member of the New York Giants football team was looking to move into Manhattan and applied to buy a co-op at one of the more luxurious buildings in town. Although the player made millions each year, he was denied entra…
When it comes to buying your community association's fuel and heating oil, if your goal is to pay rock-bottom prices well below what everyone else is shelling out, forget it. Everyone knows today's prices are high—and while we can all ho…
While there are many similarities between co-ops and condos, are the two very different when it comes to things like insurance and liability? The answer is both yes and no. There are similarities, but some significant differences as…
When a new unit owner moves into a condo development, he or she usually receives a welcome packet that contains all the governing documents, such as the declaration of covenants, conditions and restrictions, the bylaws and the house rule…
Homeowners associations are governed by a private board, generally comprised of residents of the condominium. Just because board members are unpaid volunteers, however, does not exempt them from exposure to lawsuits. Indeed, HOA board me…