Craig owns shares in a cooperative and leases an apartment from the cooperative. Craig wants to sell his shares and assign his lease to the new owner. The cooperative’s board of directors tells Craig that he cannot do this unless they approve the new owner. Can the board legally do this?
Fill in the blank(s) with the appropriate word(s).
Yes the board probably does have the right to approve the buyer of Craig’s shares. In a cooperative the costs of maintenance, mortgage payments, taxes, insurance, etc. are the collective responsibility of all the owners of the cooperative corporation. Because of this collective responsibility, cooperative owners have more restricted rights of resale than do condominium owners. It is not unusual for a cooperative’s board of directors to have the right and power to approve any new buyer of the cooperative shares.
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