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CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10238
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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Does the property management company of a cooperative apartment

Customer Question

Does the property management company of a cooperative apartment building have any responsibility to complete and/or submit the previous year's financials by a certain date? Because the management company of my co-op building, although they told the Board they would have the 2014 financials done by May 31, still has not completed the financials yet and says they won't for another two weeks, the lending bank of the potential buyer of my co-op has terminated their loan comitment letter. If they will re-issue a comitment letter after reviewing the financials, it will be another month or two, and my rental lease at another property starts on June 30!
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 1 year ago.
The property management company is in breach of its contract with the co-op. There is not a statutory duty, but the co-op can enforce their contractual rights against the management company by filing suit.As an owner, you have an enforcement right against the co-op for failure to pursue the claim against the management company.
Expert:  nicolas-cssm replied 1 year ago.
We received your customer service inquiry, however, we are unable to respond to you because we do not have your email address. Please contact customer support at***@******.*** and provide us with your email address and a link to this question page so that we can help you. (http://www.justanswer.com/real-estate-law/94lsx-does-property-management-company-cooperative-apartment.html). Thank you, ***** ***** Customer Support Team.