• When residents reject the flip...TRY, TRY AGAIN
  • November 29, 2017 | Author: Marc A. Landis
  • Law Firm: Phillips Nizer LLP - New York Office
  • Time and again I am consulted by cooperative boards wanting to do something that is not authorized by the governing documents, particularly by the proprietary lease. The most common issues involve collection of money for purposes other than maintenance and special assessments, in particular, the imposition of a transfer fee, also known as a flip tax. The same issue pops up with respect to levying fines on tenant-shareholders and others who breach the obligations set forth in the proprietary lease or house rules.