For New York City’s coop and condo boards, it is anything but business as usual during the coronavirus pandemic. Board operations for both condos and coop are affected by multiple executive orders issued by the governor as a result of the coronavirus. At this point there are 28 executive orders related to the pandemic, and it appears to be unclear what is and isn’t allowed. Annual Meetings can either be postponed or entirely virtual
- Annual meetings, generally held in May or June, have been for the most part postponed, but the executive order allows the rules regarding location of the shareholder meetings to be suspended, thereby allowing virtual meetings, if feasible and everyone can access the remote software. It even allows for virtual voting. Executive orders are being renewed one month at a time, so how long these measures will be in place is uncertain.
Escrow Closing are the new norm
- Closings can be done in escrow to avoid in person meetings that are the norm
- An escrow agent collects the signed documents and authorized or confirms that the funds have been transferred. They release all the documents and collect all of the necessary fees
- Both condo waivers of the right of refusal and coop share certificates, proprietary leases and recognition agreements are all signed in advance.
Move-ins and move-outs
- As Movers are considered as essential services, it is up to the board of each building to determine if and how they may or may not allow move ins and move outs. Some buildings are figuring a way to allow them by requiring additional sanitation to assessed areas such as hallways, stairs and service elevators. If a building is allowing closings but not move ins, a post occupancy agreement will need to be put in place and approved by the board.
Permission for Utilities and Repairs
- Boards will determine the sanitary requirements, including masks and gloves, in order to allow cable and telephone companies, as well as other service providers, in order to allow for those services.
You can read more about these change here. Our team will continue to provide you with up to date information regarding real estate related issues. We are always here to answer any of your questions, or just to chat and catch up with you. Please feel free to reach out as we are always happy to connect.