Firm associate Alix S. James was featured in the New York Times in the Real Estate Q&A weekly column by Ronda Kaysen. Ms. James responded to a reader’s question concerning whether or not a co-op’s board has the obligation to provide financial statements regarding the building’s finances or details about how maintenance fees are spent. Ms. James advised: “It’s a good instinct and good practice to request these documents regularly.” … “A lot of people are blissfully ignorant of the goings-on of the co-op board.” When requesting documents such as financial statements of the co-op board, Ms. James recommended following the protocols outlined in the co-op’s governing documents. “If you’re not providing notice or you’re asking verbally in the hall, you might not get the response you want.”
For the full article, please click here.