Legal Question in Real Estate Law in New York

I am in the process of selling my condo and the contractual buyer is in process of securing a loan through an FHA loan and the lender wants the management agreement between the management company and the condominium where I live but the management company will not release the document and has not given a reason as to why they will not release it. I have contacted board members who has said they will help but was unsure if the management company would release to them. What is my legal recourse at this point and what obligation does the management company and the condo board owe me as a condo owner. I need to know what my rights are to obtain this document since selling my home is now contingent on the underwriters receiving the agreement. Thank you for you help!


Asked on 11/12/11, 12:12 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

I have not read the management agreement so I do not know if there are any legal limitations on its release to third parties. A new Buyer of a Unit would become a party to the agreement and would be subject to its trems, so its contents are important. I do not believe it can be withheld from a bona fide purchaser. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.

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Answered on 11/13/11, 7:33 pm


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