Written by Frank Lovece on January 03, 2014
Condominium associations, unlike cooperatives, can't turn down a prospective purchaser except in one way — by exercising its "right of first refusal" and buying the apartment instead. It doesn't happen often, since condo boards usually have just a short amount of time to come up with the cash or let the sale go through. And if the association doesn't have enough money on hand and can't get a conventional loan in time, what's a board to do?
To quote Mel Gibson in The Road Warrior: "You come to me."