Selling your home – when other owners have “right of first refusal”
Since I’m apparently feeling very chatty, here’s another random thought I just had.
If you’re selling a condo, you might want to check the condo docs, carefully, before putting your home on the market. I had a situation last year, or the year before, where I was selling a condo for someone, and got an offer from someone. Subsequently, we found out, when the prospective buyer’s lawyer read the condo docs, that there was a provision whereby the other homeowners in the condo association had the right of first refusal on any home sale. Meaning (and I realize I’m not writing very clearly, this evening), that the condo had to first be offered to the other members of the condo association (the offer price wasn’t set, of course, the seller could put any price on it s/he wanted to).
What this meant was we had to suddenly hold off putting the condo under agreement until a period of time passed (I think, like seven days or so) and each of the other owners made their decision on whether or not to buy the condo.
A very annoying thing to encounter, for the seller (and for me!).