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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I am on the Board of a condominium in Miami Beach. The entire

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I am on the Board of a condominium in Miami Beach. The entire building is for sale. Two developers are bidding against each other. We have contracts from one of the developers for 3 unit owners that need Board approval, however, we are a building greatly divided. Do I have a legal obligation in approving contracts for these units
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Richard replied 2 years ago.
Hi! My name is ***** ***** I look forward to helping you!
Can you provide me a bit more information? How many total units are in the building? And, with regard to rejecting the contracts, what factors did the board base its decision to reject the contract? In other words, what specific factors did the board consider in determining that the value of the property for all unit holders would be impacted negatively if these contracts were accepted? Also, what do your bylaws provide with regard to the factors the board consider in accepting or rejecting a contract? Thanks.

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