Office condo association bylaws - Posted by Penny
Posted by Penny on June 16, 2007 at 09:48:06:
I’m looking at purchasing a unit or two in a 6 unit office building set up as office condos. New building, well constructed, good location, demographics, reasonable price, etc.
Only one unit has been sold so far. Two catches - the developer wants to approve the interior build out plans for every unit sold and I’m told the bylaws require association approval of tenants.
I don’t have a problem with negotiating specific criteria to satisfy both my requirements and the builders intent to reach a deal, as maintaining building quality isn’t a bad thing.
So assuming I can negotiate past the interior approval, has anyone else encountered professional building associations where association approval is required to approve each tenant? I thought there was usually rules on the types of businesses and the percentages of rental versus owner, but not usually approval of each tenant. I would expect criteria to be met, instead.
Can I make an offer contingent on bylaw changes (will know more details once I receive a copy)?
Thoughts and experiences are greatly appreciated.