10 WEA Board is horrible-- BEWARE!!
Started by old_owner
over 12 years ago
Posts: 1
Member since: Jul 2009
Discussion about
I am a former owner in the building and had a horrible experience trying to sell my apartment. This Board acts like a co-op board and refused to issue the waiver of right of first refusal because they did not like something about my buyer. Normally condo boards have 30 days to review a sale application and either they excercise their right of first refusal on the same terms or issue a waiver so the transaction can close. Normally this doesn't even take 30 days. This Board did nothing (did not excercise their right nor did they issue the waiver) which basically meant I couldn't close as the buyer could not obtain title insurance. Instead i had to hold on to an empty apartment for an extra 5 months costing me thousands and thousands of dollars. Be careful when buying here!!!
>Be careful when buying here!!!
Does this apply to the purchaser of your apartment? Can they rescind?
Bitter idiot.
I was on a condo board for many years. We had a buyer with suspicious financials and didn't know how to handle this. Our lawyer told us that we HAD to allow the sale to go through at the end of 30 days unless we chose to buy the apartment. Our only recourse was to keep asking for more detailed financial information. If the buyer had something to hide, he would probably walk away. The lawyer said that doing nothing set us up for a law suit that we would not win.
If we just didn't like something personal about the buyer (occupation, last residence, etc.) we were out of luck. The lawyer suggested gradually accumulating enough in a reserve fund to be able to buy an apartment.
Oldie: If they breached the contract (by-laws) and you have a financial loss, it would be easy to recover your losses. Jelj's example is instructive, as he notes that their lawyer even instructed that in the example you mention they would lose a lawsuit. Although the strategy of trying to get rid of someone by continuously asking for papers can only get you so far and an seller with a brain could deflect this pretty easily.
Seems your recourse was to take action to remind your condo board that they are not a co-op board. Getting 5 months of your lost costs would be a good message.
There are two sides to every story. I'd love to hear the condo association's side.