buyingsmart: Challenges of Purchasing a Co-op (especially in Long Island and NY)
- 07/28/21 05:38 AM
A new law was passed a few years ago in Nassau County that co-op managements and boards have 40 days to review their applicant’s board packages once received to speed things up and to provide a scheduled interview and either pass or fail that individual or couple. If not done within that time constraint, the first time a warning would be issued by the county, the second time there would be a $2,000 fine and thereafter a similar fine. Suffolk County has had a law on its books for a multitude of years, whereby if an applicant is turned down and denied … (2 comments)
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A new law was passed a few years ago in Nassau County that co-op managements and boards have 40 days to review their applicant’s board packages once received to speed things up and to provide a scheduled interview and either pass or fail that individual or couple. If not done within that time constraint, the first time a warning would be issued by the county, the second time there would be a $2,000 fine and thereafter a similar fine.
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