Help Possible HOA Problem
I entered into a contract to buy a condo at a very favorable price. I assigned my contract to an individual who is getting new financing. I will receive my fee at the close of escrow.
The condo association bylaws give them 2 rights:
1. The right to have "first right of refusal" on any sale.
2. The right to approve the new owner.
The first item is the one that concerns me. Since they may want to buy the condo themselves. I don't see how they can enforec the second item.
Question: Is there a way around this. What advice can you give me?
Thanks
The current owner is responsible for that! The first question of the HOA has first refusal should have been satisfied before the condo went up for market in the first place. If it was a foreclosure, then that is different and you will have to get permission from the HOA. The HOA can actually be a pain in the neck and enforce the second one. I would contact them when you find a buyer and let them know what is going on and who the prospective buyers are. Hope this helps.
Quote:
On 2004-02-10 15:26, richgarcia wrote:
I entered into a contract to buy a condo at a very favorable price. I assigned my contract to an individual who is getting new financing. I will receive my fee at the close of escrow.
The condo association bylaws give them 2 rights:
1. The right to have "first right of refusal" on any sale.
2. The right to approve the new owner.
The first item is the one that concerns me. Since they may want to buy the condo themselves. I don't see how they can enforec the second item.
Question: Is there a way around this. What advice can you give me?
Thanks