Last month, we distributed a bulletin describing recent New York State legislation affecting cooperatives and condominium unit owners. One of the items we noted was a change to the New York Real Property Law imposing a $20 limitation on the fees that may be charged to applicants for leases. In light of this change, we suggested that cooperatives charge such fees to the sellers of apartments rather than the applicant/purchasers. (The bulletin we issued is available here.) On September 13, 2019, the New York State Department of State issued official Guidance stating that the $20 limitation does not apply to… Read more