Co-ops allow residents to enjoy a full life, sense of community and a prime location. The co-op is best known for its popularity in New York City and Washington DC, however, co-ops prevail throughout Rhode Island, Massachusetts and Connecticut. A Co-op at its heart is a corporation and as such, unlike a condominium where individuals buy individual units and share joint ownership of the common areas, owners in a co-op buy shares in the corporation and do not retain title to any specific unit or lot. However, these shareholders do retain the right to reside in a specific unit or units based on their shareholdings. The combination of both real estate and corporate issues makes co-ops unique and sometimes legally complex, and as a result, they require specialized co-op board representation to advise their boards.
At Palumbo Law, our attorneys bring more than 100 years of collective experience to serve the specialized needs of co-op boards. We represent co-op boards, condominium associations, HOA associations and developers in all matters including transactions, litigation, and ongoing advice and representation. As a result, we offer a diverse perspective that allows us to see all sides of a problem and provide the best solution. Our attorneys combine practical experience and a practical approach to provide unparalleled counsel and representation
Co-op Board Representation in Rhode Island, Massachusetts and Connecticut
Given the unique structure of co-ops, co-op boards are required to oversee a broad and varying range of matters including financing, transacting shares, hosting periodic meetings and elections, evictions and collecting unpaid dues. Thus, co-op boards require legal counsel that is experienced in these diverse yet extremely specialized areas of law. At Palumbo law, our attorneys provide full-service legal counsel to co-op boards, addressing all aspects of legal needs including:
- Co-op Board Representation and Counsel at Meetings and Elections. We represent the co-op board at monthly, annual and special meetings and elections. In doing so, our attorneys are present to provide advice and legal opinions on matters as they arise, as well as ensure that all procedural requirements are met, such as proper drafting and recording of meeting minutes and certification of elections.
- Co-op Board Representation and Counsel in Screening Applicants. Although Boards have significant discretion in rejecting applications to join the co-op, they are still bound by certain state and local laws such as anti-discriminatory laws. Our attorneys protect the co-ops’ members’ interests by ensuring that all screening decisions are consistent with applicable laws while achieving the sought outcome.
- Regulatory Compliance. The laws that govern co-ops are constantly changing. Keeping up to date on the most recent changes and ensuring that the co-op is fully in compliance can be a tedious and demanding endeavor. Our attorneys can advise co-ops on changes to relevant laws as and when they arise, safeguarding co-ops from an unintentional breach due to an oversight. Additionally, because our attorneys are at the forefront of co-op law, we understand trends and where the law is likely to go. As a result, we incorporate these insights to ensure that your co-op is always one step ahead.
- Dispute Resolution & Litigation. The skilled disputes team at Palumbo law is experienced in assisting co-op boards in solving issues that may arise between the board, members of the co-op and third-parties.
- Collection of Fees and Dues.
- Co-op Loans.
- Insurance Adjusting of Large Losses and Litigation for Denial or Delay of a Claim.
- Drafting, Amending and Reviewing Co-op documents.
Co-op Fees and Collections
Co-op fees and the timely payment thereof, are essential to the effective functioning of any co-op. Insurance, water, sewer, maintenance and in some cases even mortgage payments rely on the timely collection of co-op fees. The collection procedures for fees should always be tailored to the specific needs of the co-op. At Palumbo Law, our extensive experience with co-op law ensures that our collection procedures are custom-tailored to your association’s needs, ensuring that fees are collected effectively and the board can continue to meet its financial obligations.
As a co-op, your needs are specialized – so should be your legal counsel. At Palumbo Law, we are co-op law specialists combining practical experience with a practical approach to provide legal services specific to your needs.
Representing Co-op Developers in Rhode Island, Massachusetts and Connecticut
By combining decades of experience in real estate law and co-op law, our attorneys provide exceptional legal counsel to developers and co-ops seeking new properties. We provide all aspects of legal representation to developers and co-op boards including:
- Drafting and negotiating purchase and sale agreements.
- Assisting with due diligence.
- Title search and title insurance.
- Developer representation at purchase closing.
- Land use approvals.
- Developer representation at sale building.
- Drafting and amending co-op documents.
- Buying and selling co-op shares.
Co-op Board Representation Lawyers in Rhode Island, Massachusetts and Connecticut
Co-op law is a unique area combining real estate law and corporate law. Our highly capable co-op legal team routinely provides superior legal representation to co-op boards and developers. If you are a co-op board or developer and have questions, please call our office today to set up a consultation or complete the contact form on our website.