What are the restrictions on selling a condo unit in a condo complex?

In Maryland, there are some restrictions on the sale of a condo unit in a condo complex. First, the board of directors of the condo complex must approve the sale. The board is responsible for verifying that the potential buyer meets the established guidelines or regulations of the condo association, such as credit and background checks. The board can also ask the seller for proof of ownership and of any outstanding monthly assessments or fees owed to the association. Second, the condo association can place restrictions on the types of buyers that are allowed to purchase a condo unit. For example, they can require the buyer to be a first-time homeowner or have a certain income level. Furthermore, the association can set a minimum and maximum selling price for the unit. Third, a condo sale must follow all local and state real estate laws. This includes obtaining the proper permits and approvals from the government as well as making sure the sale is done in accordance with the Maryland Condominium Act. Finally, the seller must provide the prospective buyer with a copy of the condo association’s governing documents, such as the declaration and bylaws. This document informs the buyer of all of the restrictions that have been put in place by the association. With all these restrictions in place, it is important that potential buyers and sellers understand what is required in order to sell a condo unit in a condo complex in Maryland.

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What are the restrictions on selling a condo unit in a condo complex?

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