Co-op/condo parity needed in troubled buildings.New York's condominiums must receive parity parity or space parity, in physics, quantity that refers to the relationship between an object or process and the image that it can produce in a mirror. with cooperative-owned housing in setting the order of cash distributions from foreclosures of defaulted properties. New fairness laws are needed to provide that unpaid maintenance charges in a condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. unit take precedence The order in which an expression is processed. Mathematical precedence is normally: 1. unary + and - signs 2. exponentiation 3. multiplication and division 4. over a mortgage, as they do in similar co-op foreclosures. Under current state statutes, first proceeds of a condo foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. go for full payment of real estate taxes and the mortgage, leaving the condo association in a tertiary tertiary (tûr`shēârē), in the Roman Catholic Church, member of a third order. The third orders are chiefly supplements of the friars—Franciscans (the most numerous), Dominicans, and Carmelites. position to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. unpaid monthly maintenance and common charges on a foreclosed home. Because of current market conditions, default money owed to the first mortgage-holders often exceed amounts realized from the sale of the property. Consequently, no funds are available for unpaid maintenance and common charges -- as well as the legal costs of collection. This is not fictional money. It must come from somewhere, which normally means other homeowners in the form of whopping assessments levied with the full knowledge that this is money going down the drain without any projected capital improvement to the property. And this is not a rare occurrence; we know of several large condo buildings in this city where large portions of the ownership are currently in this serious state. The situation is very different in the case of co-op defaults. There, the mortgage holder gets control of both the former owner's shares of ownership in the building and the lease, and immediately becomes responsible for the unit's share of maintenance expenditures including past due balances and legal costs related to the foreclosure. The cooperative corporation can feel reasonably secure that its funds will be returned, along with any costs it has incurred before the mortgage-holder can sell its foreclosed position in the property. Why shouldn't should·n't Contraction of should not. shouldn't should not shouldn't should condo associations enjoy the same security? |
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