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…

***

Related articles

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: