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When an association owns a group of housing units, it forms a system of cooperative housing. Every individual has a share in this kind of an arrangement, where they are allowed to own an apartment and reside in it as well as gain access to the common areas. Below are answers to few of the more common legal questions about cooperative housing: In Illinois, the housing association where I live in is falling apart. There are molds present in my unit that is creating toxic substance. However, the association is not ready to take up any remedial actions towards it. Instead they had asked me to hire a lawyer for this. But I cannot afford to hire one. Is there any other agency apart from a lawyer who can represent my interest?
To begin with, it is your association’s legal responsibility and obligation to make the necessary repairs and safely clean up any toxic mold that could cause any health risk for the residents living in there. Therefore, in order to fight a case like this, you could approach the local and state health departments, contact the state housing authority or visit the state attorney general’s office. Apart from this, you could get referrals from the Illinois State Bar Association of low cost or pro bono programs that could help you with your issue. If a housing association owns a property, how would it influence the market value of that property, if a large housing enterprise that is situated in an urban location where the value of the land is high and in which extensive redevelopment is happening, receives a historic status? Moreover, it’s going to have extensive improvements and acreage.
Usually, if a corporation receives a historic status, the market value of the property would increase automatically. However, it is not always necessary that the status would increase the property value when it comes to individual properties, as those properties are unique to themselves. In this kind of a scenario, if there is an extensive redevelopment in a particular neighborhood, it could likely enhance the value of the properties in that neighborhood. Generally, if a particular neighborhood receives a historic designation, then it really makes a prominent difference in it. You can go through these papers below to gather more information on this matter: Benefits of Residential Historic District Designation for Property Owners and Historic Designation and Residential Property Values. If all the mortgages and the ownership documents are on my sister’s name, what legal documents do I need to create that would transfer the property title on our names and declare our joint ownership of the apartment in a building that we have bought together in which she owns a co-op in NYC?
In this case, you may want to visit http://www.uslegalforms.com/ny/NY-016-78.htm that would provide you with a quit claim deed, which you can use for transferring the property titles in New York. This particular deed is from a husband who had transferred the property titles to both his and his wife’s name. Therefore, while filling this up, what you can do is change the word ‘husband’ to ‘sister’. This would allow your sister to transfer the title on your names making both of you the joint owners of the property. Once that is done, you would need to record or file the quit claim deed at the clerk’s office in the same county where the property is located. Finally, if you want to add your name to the mortgage, you would have to approach the bank. They would get your name added as a joint debtor. If you live in a housing association, it is essential for you to understand the association’s expectation of you as a resident, as these housing systems have their own rules and regulations. If you need any clarification about your particular situation on the subject, you may wish to ask a real estate lawyer for legal insight based on an expert evaluation of your circumstances.
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