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The closing for the most simple (in one case an all cash sale) in our building is between 5-6 months...the management is far from helpful telling shareholders lawyers who are asking for documents or have questions to "get in line". The Board is uninvolved... and lets the agency handle everything. Is this normal?
Thanks, VP
from the time the contract is signed to the time the boards meets/approves the buyer should be no more than 2 months. if the management company is not providing the needed info, the board must step if. if the board won't, get a petition together from a majority of shareholders and force them to act.
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Absolutely not. Sounds like time to look for a new managment co. If the board has approved the sale, closing shouldn't take more than 2-4 weeks, tops. The lawyers do most of the paperwork, management needs to see that everything is in order, provides the proprietary lease and share certificate and collects any required fees.
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