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Is it required that a board member or any shareholder for that matter notify the Board when he has gone into contract for sale of his/her apt.?
Many times a seller goes into contract and the board does not know. They will and do know however when the sales package comes in for review. The sales package must then include the contract.
~AR
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MSL – A coop board should get a sale contract with any sale application package they get for review and approval. If a coop has open house rules or sale policies (e.g., minimum 80% financing, parents can’t buy for an adult child), SHs should have them early on, and you’d know who’s planning to sell well before there’s any sale contract.
A board member who decides to sell should tell the board asap, especially if the annual meeting isn’t far off. The board should know this since that board member won’t run again or if he doesn’t sell before the annual meeting and does run again, he’d have to resign when he does sell. In either case, the board may have to look for a candidate to replace him which could take time, especially in buildings where there aren’t many SHs who want to run for the board.
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