REBNY issues new guidelines for co-op boards

Aiming to “minimize board liability” and “define the appropriate roles of the co-op board and the agent,” the Real Estate Board of New York has issued guidelines for co-op boards that specify application requirements and an explanation of how to reject and accept hopeful buyers.

The organization recommends designating one or two individuals to receive and review the full application package, with the rest of the board or committee getting just the summary tax return pages without the supporting schedules to reduce waste.  It further suggests having the packages submitted on a password-protected flash drive or CD to be read on board members’ computers or setting up a secure website for applications.

Among other of its recommendations: Continue reading