Eviction and compulsory sale
As a shareholder in a cooperative housing association, you are obliged to pay your property tax, etc. on time, otherwise you will receive a reminder from us. If you do not pay within the period stated in the reminder letter, the board of directors may exclude you from the association.
An exclusion means that your share of the association's property and the right to use the dwelling ceases. In other words, you are obligated to move on short notice and return the unit cleared and cleaned back to the board. You thereby lose the right to sell your share, but you will still be liable for property tax, etc., until the share is sold.
The board will then sell your property in accordance with the articles of association and at the best possible price. But it may be necessary to sell the unit at a reduced price.
Any profits from the sale will be assigned to you after deduction of the cost of the sale (e.g. fee for real estate agent and administrator), arrears to the association, the secured creditors of the unit, etc.
The board of directors may also choose to put your share up for forced sale. This occurs in situations where your share is over-mortgaged, and the association is unable to reach an agreement with your secured creditors regarding the share sale in 'free trade', and mortgage holders delete their mortgage/attachment, even if there is no coverage.
Regardless of which approach is chosen, you are required to move out of the cooperative housing unit. If you do not do so, the enforcement court will become involved. This means that you will be summoned to a meeting before the enforcement court.
We understand that it's difficult to be in a situation where you cannot pay property tax, etc. However, ignoring the situation never helps matters. You should therefore consult with the board on how to resolve your situation in the best possible way. It may be that the board is willing to enter into an installment plan with you or perhaps to give you a time limit to find a buyer.