I am a senior living in a senior coop the shareholders feel as though we are being poorly managed at this point should we consider changing ...

Question

I am a senior living in a senior coop the shareholders feel as though we are being poorly managed at this point should we consider changing management?, would we be better off with our lawyer and last how should we go about getting started to making changes?. thanking you in advance for your advice.

Answer

I'm not sure what you mean about "would we be better off with our lawyer." Lawyers are not suited by training or temperament to be real estate managers. If you're not happy with the managing agent and that thought is shared by the other shareholders, you replace him.

Much may depend on whether the managing agent has a contract, who wrote the contract, and what the contract says. If it is a long-term contract written by the sponsor of the coop development that says it is non-cancelable, we can definitely get the contract canceled, and probably more. I would need to see corporate minutes, contracts, and the like.

Remember that you, the shareholders as a group, own the property. As such, you have the right to select your property manager. If that right has been taken away, or appears to have been taken away, you might wish to engage a lawyer to review the situation and help you to develop and implement a plan to take back control.

Feel free to contact me through lawguru, email to [email protected]/* */, or telephone 516-242-1453. There's no charge for the consultation.