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Condos Demand More Paperwork From Buyers

Many condo boards are now requiring potential buyers to complete lengthy applications and submit more documentation in order to become an owner. According to this NY Times article, the downturn in the economy has left boards extremely cautious when allowing someone into the building. Although the board does not have the right to reject the buyer, they could elect their right of first refusal. This would allow the board to buy the unit back. Granted, most condo boards do not have funds to do this, but the extensive demand for documentation, could result in buyers losing interest in a unit. While buyers of coop units continue to put up with this process, those that now are considering a condo must consider the fact that they may bullying tactics employed by the condo board if they are concerned with the fact that you may not be able keep up with the common charges. Read article

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