New York Homeowners' Association Handbook
Description
How to fill out Homeowners' Association Handbook?
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FAQ
According to real-estate website Trulia, which examined HOA fees for the priciest 10% of homes on the market, the median fee in the New York City area is $1,566 a month, or almost 2½ times the national median.
The fees. When you're determining how much you can afford to spend on an apartment in NYC, you must take into consideration the HOA fees. In many listings, these will be referred to as maintenance fees or common charges and the average monthly expense is around $1,500.
California now leads the nation with 49,200 associations, followed by Florida, with 48,500; Texas, with 21,000; Illinois, with 18,800; North Carolina, with 14,100; and New York, with 14,000, the report says.
Coops have higher maintenance fees than condos. It is because when you buy a coop, you are not buying a property instead of buying shares in a corporation that owns the property. The size of your apartment depends on the number of shares you own in the apartment.
State oversight of homeowner associations is minimal, and it varies from state to state. Some states, such as Florida and California, have a large body of HOA law. Other states, such as Massachusetts, have virtually no HOA law.
The more luxurious your building's amenities are, the higher your monthly fees will be. The cost is also determined by whether or not you're buying a co-op or a condo.
Homeowners' Association Law: New York does not have a specific statute governing homeowners' associations. However, if an association is organized as a non-profit, it will be governed by the New York Non-For-Profit Corporation Law.
The CC&Rs must be recorded with the county recorder's office in order to create certain restrictions on the property and provide recorded notice of the contractual obligations on the deed to prospective buyers. You should be able to find a copy of the CC&Rs on your county assessor's official government website.
Yes, you can generally sue your HOA in small claims court if the dispute is for $10,000 or less. It is quite common to take dispute resolution to the small claims court of your state. You will have to pay filing fees and may need to represent yourself, though some attorneys will represent you for a fee.
HOA or Homeowners Association Fees are sometimes referred to as maintenance fees in New York City. These fees are a monthly payment in addition to your mortgage payment.
