Though we wish it weren’t the case, we’re hearing about more instances where condo boardshave abused their right of first refusal to effectively discourage a potential buyer fromcompleting their purchase. A condo board typically has 30 days to respond with a right of firstrefusal after a condo purchase application has been submitted. However, if the […]
The Right of First Refusal is a privilege that is rarely exercised by condo boards primarilybecause it is exceedingly difficult to raise funds either through a special assessment or a loanto be able to purchase a multi-million dollar condo in NYC. Furthermore, even if it werepossible to raise the funds, there would likely be severe […]
Condo board approval typically takes around 4 weeks from the time you submit a completedboard package. Most condos typically have between 20 to 30 days to waive their right of firstrefusal and approve your purchase. Here’s where it gets interesting: while a condo cannot reject you outright without buying theapartment, they can delay issuance of […]
