Co-op "Waiver of Option" Need a quick response please!!

Wannago35 said:

What is the name of your state? NY


I wish I'd found out about these boards a few months ago, it may be too late for me to get help.

Sold my co-op in May. The coop is extorting 40% of my profits from the sale under the guise of a "waiver of option". Others I've spoken to said most coops only take 10% if they're really greedy - obviously my coop is REALLY REALLY greedy!!

In addition, they're keeping another $2k of my profits for 60 days after close in case anything breaks down in the apt. For example, if the stove breaks down, they'll use my $2k to buy a new one. I was like isn't this the responsibility of the NEW OWNERS? Was told no, that's a coop thing

So my question is, is this all legal? We are closing on monday but if its not legal I will stop this sale!

Thanks for any help you can provide!

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HomeGuru said:

**A: please post the NY law and/or the coop regulations that allow such extortion. You did ask and they did give you such information, correct?

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Wannago35 said:

Hi not sure if you're asking me . . . they added a rider to the sale contract stating this is the only way I can sell. Even the co-op secretary told me they just raised the percentage over the past 2-3yrs since the market became a "seller's market" so they could rob, errr ... get more $$ outta sellers. The atty handling the sale said there was nothing I could do about it, but he did not show me any NY law/coop regulations except the rider.

Thanks for any help or further info you can provide, I really appreciate it!

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