Q&A: Can a Co-Op Board Reject the Sale of a Unit if They Think Price Too Low? – The New York Cooperator, The Co-op & Condo Monthly

BY MINDY H. STERN, ESQ. 

Q. Can you tell me if it is legal for a co-op board to turn down the sale of a unit because they think the selling price is too low? The appraisal from a well-known real estate appraiser was much lower than the contract price. However, the board refused two sales. What was once a rumor was confirmed after the second refusal by the board. It was told to us that the board will not approve a sale under $500,000 more than the appraisa

To see Atty. Stern’s answer click here…

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