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sponsor right to purchaseJul 23, 2007


Does a sponsor have the right to purchase a re-sale apartment or be a part of a re-sale sale with the building?

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Re-Sale Sale to Sponsor - AdC Jul 24, 2007


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




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