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Month: September 2024

Ask a real estate pro: Can condo board force sale to another owner instead of a family member?

Ask a real estate pro: Can condo board force sale to another owner instead of a family member?

Q: My cousin is getting married and agreed to sell me her apartment for a great price. We drew up a contract so that I could get a mortgage loan, and I interviewed with the condo board. Now, the condo tells us that my cousin must sell it to another owner who already lives in the building. She is only selling it at a discount because we are family. Can the condo do this? — Sean

A: Yes, they can probably enforce this, but you may still have options.

Community associations are formed to help maintain the standard of living of their residents and the property value of their homes. Associations have many tools at their disposal to achieve these goals. For example, they can levy fines for violating the community rules and even foreclose and take a resident’s home under certain circumstances.

Most associations will require a buyer to be screened for fitness to live in the community and their ability to pay the dues. Some associations take it further and include a “right of first refusal” in their toolbox. read more