Although condominiums have fewer tools than do cooperatives in controlling their residents, they do have “the right of first refusal” when it comes to the sale of any unit in the building. This right is very rarely exercised, primarily because most condos lack the funds to buy at today’s market rates, but if the board has serious concerns about a potential buyer, it has the right to buy the unit under the same terms to keep that buyer out.
A condo board is well within its rights to request an interview with any potential buyer to meet him or her, to see if he or she fits in well with the community, and to assess whether there are any glaring financial or personality issues.
As a potential buyer, it behooves you to meet your new board to give you the same peace of mind that they are seeking: that you feel comfortable spending a good part of your time in their midst over the coming years.
Because condos have less leverage over defaulting owners than do co-ops, they have good reason to be vigilant about screening incoming owners to be sure they can afford to live there, and that they intend to follow the bylaws, rules, and regulations of the condo. Once you are living in the building, you may decide to join the board yourself and help keep it running smoothly. Standing in a board’s shoes, you are likely to agree that interviewing potential new buyers is a wise idea.
"My name is Emilio. When I was buying my property, I hired Mr William J Reinhardt Jr as my Real Estate Attorney, it was one of the best decision I ever made because he did everything in his power to make sure my purchase was successful. For example, The utilities bills left over by the person who owned the property before me. I said thank you to Bill for not allow me to pay these costly bills." - 5.0 stars | Posted by Emilio Bien Aime | October 1, 2019
"Mr. William Reinhardt Jr. is my lawyer for many years. My family and I bought and sold properties with his help and were very satisfied. I recommend Mr. Reinhardt to anyone. I give him a 5-star review." - 5.0 stars | Posted by Diana | September 19, 2019
"My husband and I loved working with William. He was very professional, efficient and went above and beyond to help us. We would HIGHLY recommend." - 5.0 stars | Posted by Leeann | September 13, 2019