The Landings at Fresh Creek: An Oasis in Brooklyn
|
|
560-630 Louisiana Avenue, Brooklyn, NY 11239
|
|
1. What is the difference between a condominium and a co-op?
|
- When you purchase a condominium you are buying real property. When you buy a
co-op you are purchasing shares in the cooperative corporation that owns the
building.
- Unlike a condo where you receive a deed, with a co-op you receive a stock
certificate and a proprietary lease on a specific apartment.
- As a shareholder of a co-op you become part owner of the building and own the
number of shares allocated to your apartment. You also share in the assets and
liabilities of the building.
- When you own a condominium you pay real estate taxes directly to the city. In a
co-op, the building is assessed as a whole and a percentage of the taxes is passed
on to the shareholder and included in their monthly maintenance charges.
|
|
2. Why Do We Pay Common Charges?
|
- The common charges are the costs associated with the operation and upkeep of
the buildings and common areas, distinct from the costs of your unit.
- These charges cover property maintenance and other building services including
water and sewer fees, landscaping, salaries for employees, insurance, management
fees and other expenses related to the operation of the buildings.
- These costs are apportioned to each unit owner as maintenance fees, payable
monthly to allow the corporation to meet its financial obligations.
|
|
3. What are the corporation bylaws?
|
- The bylaws are the rules and procedures concerning the conduct of the affairs of
the Condominium.
- All unit owners and guests of Unit Owners are subject to these bylaws.
|
|
4. What is the role of the board?
|
- The board of managers is made up of unit owners who operate on a volunteer
basis. They are elected by the unit owners and are given the powers and
responsibilities defined in the Bylaws on the Condominium.
- This authority includes but is not limited to the authorization of expenditures, hiring
staff and adjusting common charges.
- The terms of office ranges from one to three years for continuity.
|
|
5. Under what circumstances can board members be removed?
|
- Each board member, having made a decision to run for office, has committed to
spend the time necessary to execute upon the responsibilities of the Board of
Managers (BOM). If a Board member does not handle that responsibility in a manner
that is deemed appropriate by a majority of the members of the BOM, the President
will ask for their resignation. If that is not forthcoming, then the President, or other
officer, will convene the unit owners pursuant to Section 2.9 of the Condominium
Bylaws where that issue is addressed.
|
|
6. What should I do before selling my unit?
|
- Provide the BOM/Prestige Management with a written notice of the terms of any bona fide sale.
- Apply for 'Right of First Refusal' waiver.
- Ensure that all common and other charges in effect are current.
- Ensure that a copy of the By-laws is available for the new owner.
- Submit executed contract of the sale to the Board of Managers.
|
|
7. What repairs/alterations am I allowed to make to my unit?
|
- May make non-structural alterations or improvements to the interior of the unit
without obtaining the consent of the BOM.
- Must ensure that such alterations or improvements does not affect the building
or any common element.
- Must get board approval prior to making any structural addition, deletion, alteration
or improvement.
- Must use licensed contractor with appropriate insurance at all times.
|
|
8. What type of repairs am I responsible for?
|
- Most Interior: all maintenance including electrical, plumbing and painting.
- Front door, deck, awning and patio maintenance and repairs must be in conformity and harmony with the style and colors of the Condominium.
|
|
9. What is my responsibility if I choose to lease my unit?
|
- Your common charges must be up to date.
- Provide lessee information to Prestige Management prior to leasing
(name, SSN#, employment and banking info).
|
|
10. What should I do if the property management company is not responding to
my service request?
|
- Contact management committee at
MgtCommittee@TheLandingsAtFreshCreek.Com.
- Next contact the BOM.
|
|
11. What should I do if I want to use the great lawn?
|
- Request approval from the Board of Managers.
- Submit lawn use agreement 2 months prior to event.
|
