Spending Hours on the Minutes

Posted on Monday November 18, 2013

The standard advice to apartment buyers is to make sure someone reviews the board minutes. But why? A co-op's board minutes provide lawyers with the best window into the inner workings of a building, providing a sense of what the board is like and what issues may affect the buyer. Minutes can contain social nuances and issues as substantial as a financial crisis. Lawyers for buyers generally want to see 18 months' to three years' worth of minutes during the buying process, as a way of ensuring that the buyer knows as much as possible about the state of the building and the apartment before money is put in escrow. Click here to read the entire New York Times article which appeared on November 17, 2013.

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