Subscribe for Daily Updates!
Does a sponsor have the right to purchase a re-sale apartment or be a part of a re-sale sale with the building?
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Speak with your counsel immediately. (1) If the re-sale is from an individual shareholder into a sponsor, most likely the process cannot reverse the condition of the shares, i.e., the shares should not go back to the "unassigned pool" for future resale or subletting. (2) The admissions committee should say NO to the sale.
If you are talking about a sponsor selling to an investor, then your sale can go through without you saying much. However, your counsel must be involved in the transaction for the co-op.
AdC
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.