HOA legal entity?
Hi, all,
I live in a 4-unit condo buildings where all owners are occupiers. We each bought our units from a sponsor, who converted an existing building into condos. We have several questions, like, does the HOA need to be a legal entity? If so, should it be an LLC, a corporation, something else? Does the HOA need to pay taxes? Which entity should be listed on the building insurance policy? Etc.
Can anyone recommend a lawyer who is knowledgeable and experienced when it comes to situations like ours, where individual unit owners have bought units from a sponsor who has renovated the property and converted it into condos?
Thank you!
ppet456
in General Discussion 2 months ago
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cate | 2 months ago
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Here’s the link:
https://cooperatornews.com/
cate | 2 months ago
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You can get a lot of detailed info on this issue in The Cooperator, a publication about condo and co-op communities in New York City.
Brownstone Home Inspection | 2 months ago
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I have worked for or in many buildings including condos, coops, and commercial buildings. At all times, the owners of these buildings set the building up as its own entity (i suppose in this case it would be the common areas as the units are deeded to the individual owners) to ensure it is apart from the assets of the owners to shield the assets of the owners from potential lawsuits. A simple partnership is not a separate entity from the owners.