CO-OP BOARD DENIALS: A GUIDELINE*

CO-OP BOARD DENIALS: A GUIDELINE* | Eric P. Gonchar

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar.

Unfortunately, co-op Board discretionary decisions to approve or deny a Purchaser admission in a coop still exists. Purchasers still face denials for admission to coop buildings. There was a time when many co-op Boards concluded that if a bank would give a prospective buyer a loan, then the Board would consent to the sale of an apartment. Co-op Boards have since become much more concerned and selective about their future neighbors. This article will explore why co-op Boards can deny a Purchaser admission to a co-op and what remedies the Purchaser or Seller may have.

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