What is the name of your state (only U.S. law)? NY
My coop charges 25% of the annual maintenance to rent my apt. for the 1st year. In year 2, the penalty is 50% and in year 3 and thereafter, the fee is 100% of the annual maintenance. I believe these penalties to be rather harsh and not the norm for the market. If you have trouble with the math - here's the reality. My maintenance is $1000 a month or $12,000 a year. By year 3, I am paying $24,000 ($12,000 for the annual maintenance and $12,000 as a penalty).
I would like to know the best way of going about requesting the by-laws to be changed to reflect a more reasonable penalty?
Thanks in advance for any help you can provide.
Regards,
kenneykWhat is the name of your state (only U.S. law)?
My coop charges 25% of the annual maintenance to rent my apt. for the 1st year. In year 2, the penalty is 50% and in year 3 and thereafter, the fee is 100% of the annual maintenance. I believe these penalties to be rather harsh and not the norm for the market. If you have trouble with the math - here's the reality. My maintenance is $1000 a month or $12,000 a year. By year 3, I am paying $24,000 ($12,000 for the annual maintenance and $12,000 as a penalty).
I would like to know the best way of going about requesting the by-laws to be changed to reflect a more reasonable penalty?
Thanks in advance for any help you can provide.
Regards,
kenneykWhat is the name of your state (only U.S. law)?