As you can see the answer to your question is a yes. Whether your purchased this property on the courthouse steps or from the bank as one one of their Real Estate Owned (REO), condo developments do require that any purchaser be approved. The approval process really is not that difficult, the main goal is to ensure that someone coming in is aware of the rules and regulations, and the bylaws. For the most part you would be required to submit an application that requests some information such as your place of employment, past residences, credit history and some also require a criminal background check.
Please note that each condominium have different restrictions that must be adhered to. They can range from not allowing pets at all to just up to certain weights, the parking of commercial vehicles, your ability to rent out the property if you purchased this condo as an investment. You will definitely want to contact the condo management office to get copies of the condo documents and review them.
RE/MAX Advance Realty
You should contact the condo association directly and request a copy of the condo docs.
If you bought a foreclosure that was listed then it will be a condition of the contract to purchase.
But like I said before your question is not complete.
There is a foreclosure sale called Bank owned, REO or Foreclosure.
and the other is when you buy the property directly from the Courthouse just called Foreclosure.
Some communities do not required the purchaser to be approved by the HOA.
and this is one of the reason you have to be carefully and read the condo Docs must be provided by the seller. is the law regardless how many disclosures you sign denying this step on the purchase. ( if you never received them you can seek legal advice )
But before you do that there is other ways to resolved this issues easily
Did you obtain a certificate of title or Warranty deed?
Both are different type of transaction:
1- Courthouse, If you bought the condo throughout this system there is not way for you to be approved before buying the property so explain that to the HOA and try to pay the fee and get the approval.
2- If you bought it by another agent and they forgot to obtain the HOA approval then it is your agents fault and they should take care of it.
There is not other way you can go throughout all this.
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You definitely need to get board approval almost 99 percent. There is the minor exception. Your purchase is always contingent on board approval. The title company should not have closed.
Pablo Torres, MBA
Condominium have First Refuse any one who move at unit without complete the process established by Rules and Regulation.