Condominium leases give boards of directors much more leeway because boards of directors can reject a formal fairness amendment. However, the chambers must act quickly to make a decision. Cholst points out that most of the statutes indicate that if the board of directors does not take action on a project within 30 days of its filing, shareholders may consider that the project has been approved. Berger says management companies have different ways of dealing with deposits and construction agreements. “Condos theoretically have more power, but they have to pay attention to the delay,” says Cholst. He adds that the council can also find a compromise – approve the project, but adopt guidelines in the amendment agreement that the owner must approve. “The amendment agreements are contracts between the shareholder and the building in which the shareholder promises to do everything in accordance with the law and the law, and that the building will not be damaged by the renovation,” said C. Jaye Berger, lawyer and director of C. Jaye Berger`s law firm in Manhattan. “The shareholder cannot start work without his consent.” Although as an owner, you may consider change agreements as another problem imposed by your meddlesome Co-op or Condo Board, always remember that the document is there to protect you as much as the association or company, and sign on the dotted line.
The sweetener Santiago reminds us of the purpose of the modification contracts: “As long as the board wants to protect itself. Second, it wants to protect other shareholders. To ensure that no damage is caused to neighbouring dwellings during construction, some boards require the amending shareholder to deposit a pre-construction deposit to take into account any damage that may occur during the renovation. The bond can also serve as a reminder of the deadline of a project and may be revoked if the terms of the amendment agreement are broken by the shareholder. “Normally, the board has already prepared a general amendment agreement from its lawyer, which will have a start and end date for projects and hours,” Mazel explains. “Because when someone renovates a house, people don`t care how long it takes. But if it`s an apartment and the renovation takes six months, it`s not just for the neighbors. Mazel says modification agreements are usually necessary for major renovations that could alter the structure of the building. Amendment agreements may contain information about the duration of your project and charge penalties if you exceed that time. Sweeten GeneralUnternehmer Santiago informs that, while many amendment agreements contain this penalty, the chambers are often willing to extend the date or grant additional time. No one likes a neighbour having a renovation project that lasts for months, especially if renovations can cause damage to their own home. Fortunately, most buildings have a mechanism to remedy this: the amendment agreement.
Amendment agreements end up presenting building rules. As an architect, I have seen many change agreements that we always check in my office. Some are more detailed than others. You might also want to have your lawyer checked, but they are usually pretty straight. Sometimes, amendable agreements set rules and restrictions on construction. Some of the typical rules and restrictions are: A common reason that boards refuse co-op and condo changes is for “wet on dry construction”, for example the construction of a bathroom or kitchen on a living room or non-sanitary area.