I always read the Q&A column in the Sunday Times real estate section. Given my own real estate situation — I’ve sued the majority shareholders of my little coop for breaching all sorts of co-op corporation laws — I often pick up legal confirmation from this column (the Qs are from people while the As are from lawyers).
The last question in yesterday’s column was particularly apt and should, if they read it, serve as a stern warning to the Skush-O’Briens, the people I’m suing, because this is one of the many bad things that can happen to them when they lose this lawsuit:
When a Co-op Lease Is Breached
Q. Can a co-op board take over ownership of a co-op if the shareholder is in violation of the proprietary lease?
A. Eva Talel, a Manhattan co-op and condominium lawyer, says that almost all proprietary leases allow the co-op to cancel the lease when a breach occurs. If the co-op properly complies with lease cancellation requirements, she said, it can evict the occupants, sell the apartment at auction, and give the proceeds of sale to the owner, less any money owed to the co-op, including the costs of selling the apartment.