What Are Condo and Co-op Board Meeting Minutes in NYC?

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What are condo and co-op board meeting minutes? And why should home-buyers care? We'll demystify this topic in the following video. My name is Chris at Hauseit. Hauseit is the largest For Sale By Owner and Buyer Commission Rebate company in New York City, established in 2014. You can check us up https://www.hauseit.com.

So, what are co-op or condo board meeting minutes exactly? Co-op or condo board meeting minutes are essentially a short-summarized version or Cliff Notes of what was discussed, agreed upon, and voted on at regular periodic board of director meetings for condo and co-op buildings.

And why are condo and co-op board meeting minutes important for buyer's and their lawyers for due diligence? Well, these board meeting minutes present a real time financial picture of the building and what is going on in the building. It's important to peruse these minutes thoroughly with your lawyer because what is discussed can have significant financial consequences on any potential buyer.

Such as increased maintenance or hefty special assessments, for example, during the due diligence phase you may find in the board meeting minutes that the board has been discussing making major facade repairs that will cost seven figures. While this could be a significant cost per share holder or owner in a smaller building say sub-10 units, this will require a significant special assessment in the near future and if you buy and close before that happens you may be in for a surprise if you don't notice this beforehand.

The board meeting minutes are also great for shedding light on any complaints or issues between fellow owners, shareholders, or the board. For example, perhaps the board meeting minutes will shed light on the fact that certain owners have complained about cockroaches, mice, rats, or other vermin in the building. Perhaps, the minutes will reveal that certain owners have complained about noisy neighbors or loud music late at night, or perhaps flooding from the basement or leaks from the roof.

All of these potential issues including potential litigation that is discussed will have significant financial consequences on any owner or shareholder in the building. Therefore, it’s extremely important to get a real time view of what is going on in the building before you agree to purchase a property in New York City.

Where can you actually review these board meeting minutes? Well, board meeting minutes typically must be reviewed in person by making an appointment at the managing agents office. The managing agent usually will not distribute electronic copies of board meeting minutes due to sensitivity. So, what typically happens is, after your offer has been accepted and during the contract review and due diligence phase, your lawyer will make an appointment at the managing agent's office to go in person and review the minutes.

As a buyer, we recommend going along with your lawyer to review the minutes as well especially since you'll be the person living there. This will give you a good idea of what's going on in the building as well and also let you know who the board members are and what their personalities might be like and whether you think frankly that they're sane enough to live with.

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NYC Buyer Closing Cost Calculator: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
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Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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