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financial requirementsMay 14, 2010


It may be that the board had doubts about the buyer's ability to pay maintenance - irregular income, for example - and to cover assessments (should they arise), but did not want to disallow the sale entirely. In cases such as this, the board's entirely within its rights to require financial "guarantees" such as 6 months' maintenance up front - or any other arrangement the board feels will offer proof of financial stability.

That money should be placed in an escrow account, I believe.

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Re: financial requirements - Anonymous May 15, 2010


can the board pick and choose who they require this from, in other words, not everybody needs this , but only certain people?
and would the board as a whole have to vote on this requirement?
i wonder if the people doing the interview are just making things up as they go along, without the rest of the board approval, or notice.
i know that not all the BOD members knew anything about it.

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