Prospective Buyer Frequently Asked Questions
Last Revised: February 1, 2018
Q. What are my voting rights in the association?
A. Full rights for one member of each unit.
Q. What restrictions exist in the cooperative documents on my right to use my unit?
A. Max 6 occupants-limits on guest occupancy.
Q. What restrictions exist in the cooperative documents on the leasing of my unit?
A. 3 months minimum lease in each 6 month period.
Q. How much are my assessments to the cooperative association for my unit type and when are they due?
A. $1579.00 due quarterly, February 1, May 1, August 1, November 1.
Q. Do I have to be a member in any other associations? If so, what is the name of the association? Also, how much are my assessments?
Q. Am I required to pay rent or land use fees for recreational or other commonly used facilities? If so, how much am I obligated to pay annually?
Q. Is the cooperative association or other mandatory membership association involved in any court cases in which it may face liability in excess of $100,000? If so, identify each such case.
NOTE: THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A PROSPECTIVE PURCHASER SHOULD REFER TO ALL REFERENCES, EXHIBITS HERETO, THE SALES CONTRACT, AND THE COOPERATIVE DOCUMENTS.