Do Condos Need Board Approval in New York?

Chris at Hauseit (https://www.hauseit.com) goes over whether condo sales and rentals require board approval in New York, and generally across the United States and in other states like Florida.

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014.
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No, condos do not need board approval in New York, Florida or anywhere in the US. Condo unit owners are free to sell and lease their units as they please. To be clear, condo boards DO NOT have the right to approve prospective purchasers and renters of units in the building.

In fact, condo boards only have the right of first refusal when it comes to condo sales and rentals, meaning they get the "first look" to take on the deal themselves on the same terms if they so choose, typically within 30 days of the building application being submitted.

The bylaws typically state that condo boards automatically waive their right of first refusal if they don't respond within 30 days of the application being submitted. However, most condo boards will be reasonable enough to quickly issue the waiver, as the right of first refusal is almost never exercised.

Why? Because condo boards will have an almost impossible time trying to get a supra-majority of all unit owners to agree to a massive special assessment to buy the condo on the same terms, or to lease the condo unit for no reason.

Learn more about condo board's right of first refusal and how it works: https://www.hauseit.com/how-does-a-right-of-first-refusal-work-nyc/
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014.

Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
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