News: Brokerage

Condo house rules

When sponsors set up new condominiums, they use boiler plate form documents, including those used for house rules. House rules are the general rules regarding how the condominium will be run so that everyone lives in harmony. They typically have provisions saying that bicycles cannot be left in the hallways and notice must be given before any moves. However, once the condominium becomes active, they usually find that the house rules they were given are too basic and they need more and stricter rules. Thus, it is common for the board of managers to retain legal counsel to redraft them. I find when I work on redrafting these documents, it is a collaboration between me suggesting topics and ways of handling issues and the board advising me of issues of particular concern to them. Certain topics are so controversial that a balance must be struck in handling the issues to try to avoid litigation going forward. Topics with that kind of potential usually involve pets and fines for various failures to follow rules. Aggressive barking dogs can be a real issue in some buildings with unit owners in fear for their lives. Some buildings try to create rules and others impose bans on certain topics. Renovations can be controversial since people buy into condominiums because they think they will have fewer rules. However, as problems arise, many condominiums find themselves enacting rules more and more like those in co-ops. Some buildings have so many subtenants in them that they have no sense of community. Sometimes when the unit owners do not pay common charges, they have difficulty contacting the actual unit owners. Drafting new house rules is a process that involves a team. C. Jaye Berger, Esq., is the principal of Law Offices C. Jaye Berger, New York, N.Y.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking