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Collectively, cooperative owners have the same rights as any other real estate owner in this county. When working together, the resident-owners have the right to sell an asset and are entitled to the proceeds from the sale of that asset. Do not let anyone tell you otherwise.
This is governed by the Cooperative’s By-Laws. Often members work together as a community to realize the value of their property as a whole.
What are my rights within the cooperative when it comes to influencing the direction and intention of the cooperative board?
As a member of the cooperative, your cooperative board is there to represent your best interests. You have the right to make your voice heard and participate in ownership decisions.
All cooperatives exist in varying states of governance. Some are run by very experienced boards and need little or no outside assistance deciding or drafting the rules of the cooperative. Others are at various stages in their life cycle and may be in the most need of assistance. Deciding the laws and standards of a cooperative can be complex, and we can help with that.
Similar to how cooperative can be in different states of governance, cooperatives can also have very different rules regarding how they govern. Be sure to request a copy of your by-laws. They should explain how and when you can make your voice heard to your cooperative board.
Theoretically, all members of the cooperative are entitled to the sale proceeds. Who gets how much from a sale is up for internal debate within the cooperative’s governance structure. You may collectively decide that sales proceeds should be divided by unit size, years at the property, or some combination of that and other factors.
The resident-owners should benefit the most from this structure. We can offer representation to make sure that others do not take the benefits you are entitled to.