Photo: Photographee.eu via Adobe Stock Cooperative Boards of Directors Do Not Have Unlimited Power To Reject Proposed Purchasers
When a board acts contrary to restraints set forth in the cooperative's proprietary lease, it risks suit by the aggrieved seller to force the board to approve the sale to the proposed purchaser and, in addition, to recover the seller's attorney fees and damages for the seller's costs incurred to carry the apartment until the court-ordered transfer occurs. This is what happened in 'Kotler v. 979 Corp.'
February 10, 2022 at 02:10 PM
7 minute read
Real Estate
Cooperative boards of directors may be limited in their power to reject a proposed apartment purchaser. These limitations are set forth in the cooperative's proprietary lease. When a board acts contrary to those restraints, it risks suit by the aggrieved seller to force the board to approve the sale to the proposed purchaser and, in addition, to recover the seller's attorney fees and damages for the seller's costs incurred to carry the apartment until the court-ordered transfer occurs.
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