Credit: sirtravelalot/Shutterstock Whether Co-op Boards Can Reject a Sale Because the Purchase Price Is 'Too Low'
"Courts have mostly rejected anti-free market tactics of the board of directors but other cases have given boards discretion to allow such rejections." Adam Leitman Bailey and John Desiderio discuss these cases and offer that "New York needs the Appellate Division to settle this quarrel."
June 28, 2022 at 11:07 AM
12 minute read
Real Estate
Financially qualified cooperative buyer's applications are being rejected by boards of directors solely on the basis that the purchase price is too low. Besides causing wasted time, money and distress between the individual parties, the buyer and seller and the real estate brokers, these rejections adversely affect and create an artificial market, as the seller is forced to put the unit on the market at a price that does not reflect its true value.
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