Co-op assessment

bob123

bob123

New Member
I am 80 years old and own a co-op in NYC and have just received a notice that repairs are necessary to the building and that I will have to pay a $2000 assessment in three installment payments. As a co-op owner am I legally responsible to pay this assessment, even though I am 80 years old and living on a fixed income?
Any advice would be appreciated.
 

bob123 said:
I am 80 years old and own a co-op in NYC and have just received a notice that repairs are necessary to the building and that I will have to pay a $2000 assessment in three installment payments. As a co-op owner am I legally responsible to pay this assessment, even though I am 80 years old and living on a fixed income?
Any advice would be appreciated.
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I think it would depend on what forms you signed when you purchased your co-op. Your age and being on a fixed income has nothing to do with it. Assessments imposed on co-op owners is fairly common.
 
Just a wild guess, unless you pay monthly maintenance fees (the repairs would come out of that), you are an co-owner and would be in my opinion responsible for your share of the repairs. But to be sure, you should go through your ownership documents possibility with a lawyer to see exactly what your responsibilities are.
 

I would imagine that you would be liable, just the same as any other owner. Unfortunately, matters like this usually make no allowance for age or fixed income. You might be able to talk to them and stretch out your payments a bit, though.

To be sure, see if there is a senior citizens' law office in your area and take your documents to them for review. They probably won't charge you anything.
 
I was part of a co-op in Florida before buying a condo. Like a poster has already stated, when you are a shareholder in the co-op more than likely you are considered as one of the owners. If your co-op has a mortgage with a bank they probably require a "reserve" be kept for major repairs. However, if a major improvement, like a resurfacing of roads would be required, or a sudden spike in taxes and the amount of money to repair the roads, or pay the taxes would eat up a large portion of the reserves, then the co-op would have to order an assessment to each shareholder to have the work performed, plus also to keep the reserves at an amount required by the bank.

If there is no mortgage, it may also be that the co-op requires the reserves to have "X" amount of money on hand and if the repairs will eat up a large amount of the reserves , or if you have no reserves, you may more than likely have to pay the assessment, regardless of your age. This is why it is usually a good idea to stay away from co-ops. The upside to a co-op is that those in the co-op generally pay a lesser amount of monthly maintenance fees than a month to month renter.
 
AZ Jim said:
Odds are you are responsible but none of us can tell you for sure. You need a paralegal to look at your purchase agreement.
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Maybe this is true in Arizona, but in most states, a paralegal cannot review a document and give a legal opinion, lest s/he be guilty of practicing law without a license. This is most certainly true here where I live, anyway.
 
Butterfly said:
Maybe this is true in Arizona, but in most states, a paralegal cannot review a document and give a legal opinion, lest s/he be guilty of practicing law without a license. This is most certainly true here where I live, anyway.
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Oh? I just assumed you could, but it might not be legal here either. I guess I should have said lawyer. Thanks Butterfly
 
Actually, Arizona has some different rules about what paralegals can do. Paralegals in Arizona can do a lot more on their own than we are allowed to do here, or than paralegals can do in most states. IMHO, Arizona has the right idea.
 
I'm so sorry about this sudden financial burden.

Years ago I looked at a condo. The owner told me they had a recent several thousand dollar assessment for roof replacement and fence replacement. She said she had paid it. I didn't buy. But if people are paying monthly condo fees, it can't all be going to landscaping and the pool. I thought the assessment was high. I could see a lower one but not several thousand dollars.
 
as a co-op owner in nyc the answer is yes . you are an owner in the corporation and you are the same as any other owner and unless by laws make some strange age based exception you are just another face in the crowd and have to pay . that is the risk you take on with a co-op or condo . but really , it is no different then needing a roof or new ac unit on your own home .

regardless of how your housing is structured it will need expensive repairs at some point and that goes with ownership ..
 
If you have a lawyer, consult with him/her to see if there are any loopholes that may exonerate you from paying the assessment. It's a long shot though
 
there are none legally . I am pretty familiar with the deal on co-op's in nyc . unless it is something written by the corporation in to your bylaws you are a shareholder in the corporation the same as any other shareholder and have to shoulder the expenses regardless of age . ownership is ownership with all the good and the bad .

I have never seen any age based provisions in expenses written in to the bylaws pertaining to charges of any type .
 

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