AT Academy: Co-Op and Condo Series - The Application and Approval Process
One of the most important tasks for a co-op Board is reviewing proposed transfers, and granting – or withholding – its consent. Board members need to understand the limits on their authority to consent or withhold consent, some of which cannot be found in the co-op’s organizational documents. We will review different criteria for transfer decision-making, including whether sale price can be a factor for consideration. Further, we will discuss some key aspects in reviewing applications, as well as ideas on navigating the potential pitfalls lurking in the interview process. We will also touch on similarities in the condominium right of first refusal process.