BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Dealing with lien priority laws in New York City (NYC) co-ops requires careful consideration of legal strategies to effectively manage and resolve collection issues. Lien priority laws dictate the order in which liens are paid off when there are multiple claims against a property. Here are […]
Category: Co-Op Laws
Coop Boards(4)
Laws involving repairs in NYC Coops
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M In New York City (NYC) co-ops, repairs and maintenance are governed by a combination of laws, regulations, and the co-op’s governing documents, such as the bylaws and proprietary lease. Here’s an overview of the laws and considerations involving repairs in NYC co-ops: Warranty of Habitability: […]
NYC Coop sale restriction laws
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M In New York City (NYC), co-op sale restriction laws refer to regulations and policies that govern the sale of co-op units. Unlike condominiums, co-op buyers purchase shares in a cooperative corporation that owns the building, rather than owning the unit itself. This unique ownership structure often […]
Usable Square Feet with regards to reference in NYC condos and coops
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M “Usable square feet” refers to the area within a property that can be utilized for various purposes, such as living space, working space, or other functional uses. In the context of New York City (NYC) condos and co-ops, the term “usable square feet” is often used […]