Each association has its own procedure for purchasing an apartment. Typically, a potential new owner must submit an application and pay an application fee ($100-250).
The administration checks the candidate’s background and approves or rejects him. This procedure allows you to make sure that the new tenant, for example, has no criminal history.
The general rules of the association are published in the advertisement for the sale of the property. The buyer submits an offer in the form of a purchase contract indicating the price he is willing to offer and the terms of the purchase. The seller accepts it (signs the contract), rejects it, or adjusts it (introduces his own conditions). In some cases, the administration even arranges a personal interview with the candidate.
When the contract is signed by both parties, the seller is required to provide complete information about the association. After signing the contract, the buyer has the right to terminate it within three days. And without any fines.
