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Posted By AnnaD2 on 11/18/2008 2:22 PM
Our covenants give the association the right to approve or disapprove prospective buyers. But if we do not approve the sale, then the association has to buy the unit.
depending on what the HOA/COA would have to pay, i can see this being a real moneymaker for someone. Be all wholesome and charming, buy a couple condo's in the association. Then, arrange a potential sale for $15,000,000.00 to a defrocked pedophile metro-bi-sexual drug using vegan-wiccan muslim aethiest priest with tattoos, piercings, scarification, from Iceland, with six teenagers in a rock band, 8 trucks, and 4 wives, and wait for the board to refuse to let such a person purchase. Require the board buy your unit at the "agreed upon" price that the previous contract was made for, and big profit.
Turn around, and sell the closet of the other condo you own for $5,000,000.00, and let the board buy that one because they refused.