Condominium Act Form 5 In Nassau
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FAQ
The inium Act Cap 224A states that it is “an Act to facilitate the division of properties into parts that are to be owned individually and parts that are to be owned in common and to provide for the use and management of such properties.” This Act however does not carry a definition of a inium.
The inium Act is the New York State law which governs the establishment of iniums. The decisions made by courts in cases involving the inium Act are the case law which interprets the statute.
Homeowners' Associations in New York, or otherwise known as Common Interest Communities, are regulated by the Attorney General's office and must be set up as non-profit organizations. They are governed by NY Not-For-Profit Corporation Law, the Association's Articles of Declaration, and Bylaws.
The condo Board gets what's called the “right of first refusal.” But does this mean a condo Board can reject anyone without a fair or justified reason? Most definitely not. The Board cannot make any rejection without its presence being noted in the bylaws.
To have a pleasant condo living experience, keep in mind these legal rights for condo owners. The Right to Access Condo Documents. The Right to Equality and Non-Discrimination. The Right to Notice and Meetings. The Right to Run and Vote During Elections. The Right to Protest.
Finally, condo owners have the right to take legal action against other condo owners or the condo association itself. When board members or condo owners fail to comply with the condo bylaws, regulations, or state or federal laws, you have a right to bring a lawsuit against them for damages or injunctive relief.
