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Always Follow The Rules of a Condo and Co-Op

Posted by All Area Realty Services Team on Oct 22, 2019 3:31:04 PM

iStock-139694969Every community has rules. In order for people to coexist in the same space, rules are essential. Co-ops and condos’ rules are called bylaws and house rules. Bylaws discuss the requirements for operation and governance of the co-op or condo association, including stipulations and parameters for election and meetings and who has the authority to act on behalf of the board and shareholders. House rules discuss quality of life issues. Most buildings have communal space. House rules dictates what is and what is not acceptable use of those spaces. 

Rules begin when the sponsor first builds the building and sets the house rules in the offering plan. Most times, the first draft is boilerplate and makes little sense. Under the bylaws, the board has the ability to change the house rules. It takes a majority of the board and then notice is given to the shareholders for a vote. House rules change with the building’s needs. Bylaws are easier to enforce than house rules because they are part of the offering plan of the co-op/condo and have remedies for violations of the bylaws. 

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At the end of the day, it is up to the shareholders to abide by the house rules in order to have harmony within the building. The best way to create house rules is to ensure that everyone living in the building believes them to be feasible.

All Area Realty Services knows what it takes to run buildings smoothly and efficiently while keeping both tenants and owners happy.  With over 30 years of experience, and many clients with us for decades, you can trust All Area Realty Services with taking care of your building and tenants. 

Topics: Co-Op Board, Property Management, condo