Legal Question in Real Estate Law in New Jersey

Re: Selling Coop

Read your By-Laws and other documents. Many coops have provisions that either require sale to the coop or a right of first refusal. If neither of these restrictions are in the governing documents you are free to sell on the open market. Note that a right of first refusal allows you to obtain an open-market buyer, but requires you to offer the unit to the coop at the bona fide contract price before the sale can be concluded. The coop must meet the terms of the contract to exercise the option and the deal must be bona fide (real not a sham).