As part of the process of purchasing a cooperative apartment, you often have to apply for approval from the board of that cooperative. Clients may ask me what my recourse is if I am not approved by the board. Unfortunately, boards have very broad discretion of who they may and may not approve for a wide variety of reasons. So, my clients have very little recourse in the event that they have been rejected by a board. That being said, boards are required to comply with fair housing regulations and laws.
This informational blog post was provided by Alexis Soterakis, an experienced New York Corporate Business Law Lawyer.
