Drawing the Line: Who Pays When Your Co-op or Condo Breaks?
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Drawing the Line: Who Pays When Your Co-op or Condo Breaks?
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Confused about who's responsible for that leaky window or damaged floor? If your board has ever faced a battle over repairs, you know that ambiguous governing documents can often lead to disputes. Ken Jacobs, a partner at the law firm Smith Buss & Jacobs, explains why "boring" repair issues are actually the number one reason boards update their proprietary leases. Learn how to establish clear policies regarding problematic areas like radiator valves, fireplaces, and tiles, and how to avoid the costly consequences of inconsistent decisions. Whether you're already dealing with an aging building or preemptively considering updating your documents, this episode provides the knowledge you need to protect your building from unexpected financial liability. Habitat's Emily Myers conducts the interview.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!