Get Serious About Arrears Before They Spiral
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Get Serious About Arrears Before They Spiral
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Falling behind on monthly fees might seem like a minor headache, but it can spiral into years of complications, mounting costs, and serious tension between neighbors. Carl Finger, principal at Finger & Finger, breaks down what actually happens behind the scenes when a resident stops paying, and why some boards handle it with ease while others watch a small problem snowball. He shares a case involving an elderly shareholder that shows just how complicated things can get when a board waits too long to act, plus the surprising legal tools available to condo boards that co-ops simply don't have. Finger also gets into the murky question of whether a board can restrict amenities like parking or the pool, and why that strategy usually backfires. Habitat's Carol Ott 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!