Home Selling in 34994>Question Details

Carleton She…, Home Seller in Stuart, FL

I own a condominium in a 138 unit project. A buyer has offered $10,000 as a down payment with me providing

Asked by Carleton Sheets, Stuart, FL Sun Dec 23, 2007

seller financing for the balance of $50,000. The condo board has refused to approve the sale because the buyer had a bankruptcy 5 years ago. Is this legal?

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5
Check your condo's bylaws and other documents. Make sure your condo has the right to block the sale. In my area, they generally don't; you can sell to whomever you choose. Now, coops are entirely different. I'm not a lawyer, but...in a condo, you actually own your specific unit, as well as a share of the common elements (lobby, stairs, swimming pool, etc.). And, as an owner, you can sell. In a coop, on the other hand, you own shares in the corporation and your shares give you the right to occupy a specific unit. And coops can (and do) screen and reject buyers.

So, you asked "Is this legal?" It depends on your condo documents. Check with a lawyer.

Good luck.
1 vote Thank Flag Link Sun Dec 23, 2007
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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When in doubt, ask a real estate attorney. Funny how boards may shift a decision when their is legal representation.
0 votes Thank Flag Link Thu Jul 29, 2010
Hi Carleton - what specifically do the rules and regulations state for the condo association? Does the association have first right of refusal? It is extremely important to understand specifically what control the condo board has as it relates to the sale and/rental of units within the association - it should be specifically spelled out. If it clearly states that they can refuse the sale, it is legal. Regardless, I would discuss this with your real estate attorney.

Best of luck.
0 votes Thank Flag Link Sun Dec 23, 2007
Carleton....It is my understanding the condo board has the final say on the sale. Good luck.
0 votes Thank Flag Link Sun Dec 23, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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Yes, it is. If the buyer is not a qualified buyer, the condo association is not required to accept the offer, however if you feel that you want to push the issue, you can through a good attorney, but your chances of winning on this issue are slim. My suggestion would be to find another buyer. Where is your unit? Good luck. G
Web Reference: http://www.taxcats.net
0 votes Thank Flag Link Sun Dec 23, 2007
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