Condominium Alteration Agreement

Meryl Sacks, president of Sacks Real Estate Management in New York City, has been managing co-op and condominium buildings for more than 30 years. “A change agreement,” she says, “is actually a contract between a shareholder in a co-op or an owner of a residence in a condo — and yes, in New York City, condominiums use change agreements and designate them as such. What this implies is the extent of the work to be done in the apartment, and it often contains the guidelines and procedures currently in place by the cooperative or condo, which the shareholders must comply with. “Condominium leases give boards a lot more leeway because boards can turn down a change proposal for no reason. However, boards of directors must act quickly to make a decision. Cholst notes that most articles of association state that shareholders may consider the project to have been approved if the board of directors does not take any action against a project within 30 days of its submission. Cholst says the legal restrictions placed on a landlord`s board of directors in a co-op lease agreement are more prominent. “The typical co-op lease agreement states that a board of directors cannot inappropriately refuse or delay its authorization to change at the request of the shareholder,” says Cholst. “The council cannot say no arbitrarily and for no reason.” Mazel says amendments are usually dealt with on a case-by-case basis. “Normally, the board will have already prepared by its lawyer a general modification agreement that will have a start and end date for projects and times,” Mazel says. “Because when someone renovates a house, people don`t care how long it takes. But if it`s an apartment and the renovation takes six months, it`s not just for the neighbors. “Most co-ops will accept the combination of two apartments – it`s a change in value – it increases the profile of the building,” Says Mazel.

In this document, the shareholder will own the combined dwelling with the shares equal to the sum of the two units. While as a landlord you may view change agreements as another issue imposed by your disruptive co-op or condo board, always remember that the document is there to protect you in the same way as the association or business, and sign on the polka dot line. As a result, Berger says some buildings do not have a formalized modification agreement. WHERE: The owner wishes to install appliances and/or make changes to the apartment [unit number] (“the apartment”) at [address]: and to ensure that neighboring dwellings are not damaged during construction, some boards require the modification shareholder to pay a deposit before construction in order to take into account any damage that may occur during the renovation. The bond can also serve as a reminder of the deadline for a project and can be revoked if the terms of the change agreement are broken by the shareholder. Read the rest of the agreement to change the NYC example in its original format here: www.hauseit.com/sample-alteration-agreement/ “the courts have been very tough on the boards — as soon as they make a change [agreement], you`re stuck with that,” he says. “If the board says yes, the board and the neighbors are stuck in the situation.” “There may be some small optimizations that they will do due to a change, but if someone is doing a major renovation with cranes, for example, there may be additional things that the building brings to an agreement to address those concerns,” berger says. “But the general rules have already been developed.” William Chatt, a partner at Cervantes Chatt & Prince, a law firm that has offices in Chicago and Burr Ridge, Illinois, adds that condominium documents “will include a boilerplate language indicating that an owner of the unit is making work…