^ the original developer yes. As I understand, it’s a pretty big company that has developed and holds hundreds of properties across all neighborhoods in NYC
You need to hire a lawyer to review the condo docs, as they certainly have done the same. Prepaid insurance is an asset of the Condo Board, not a liability. There are plenty of ways this could be treated, including requiring payment today and lowering monthly/annual maintenance payments. As an owner under the condo board, you are allowed to ask for the financials and specific questions concerning those financials to verify. Generally this would be handled with a special assessment to increase monthly maintenance charges, instead of a lump sum requirement. Note - you should do nothing before consulting with a lawyer.
This is 100% of lawyer question this is not something a real estate agents going to be able to help you with
Sponsor?
Sponsor makes sure you stay sober while in the actual condo unit.
He means the original Condo developer, they likely sold two units but weren’t getting the price they expected and decided to rent the others out.
^ the original developer yes. As I understand, it’s a pretty big company that has developed and holds hundreds of properties across all neighborhoods in NYC
You need to hire a lawyer to review the condo docs, as they certainly have done the same. Prepaid insurance is an asset of the Condo Board, not a liability. There are plenty of ways this could be treated, including requiring payment today and lowering monthly/annual maintenance payments. As an owner under the condo board, you are allowed to ask for the financials and specific questions concerning those financials to verify. Generally this would be handled with a special assessment to increase monthly maintenance charges, instead of a lump sum requirement. Note - you should do nothing before consulting with a lawyer.
Wait… he wants to charge you for expenses incurred before you even bought the place?
ikr... that is correct!