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

In Nebraska, if you wish to sell a condo unit in a condo complex, there are various restrictions and regulations you must follow. First, you must submit a request to the condo association board outlining the sale of your unit. All condo associations must provide a period of time for the board to review and approve the sale. This period can range from 10 days to a month. Additionally, the condo association board reserves the right to reject any proposed purchaser if they feel it poses a financial or security risk to the complex. Second, if the condo association agrees to the sale, both the buyer and seller must sign a Resale Disclosure Statement. This statement outlines the rules of the complex and provides details about the complex, such as the number of units, the size of each unit, the year of construction, and any special assessments. It also includes information about the finances of the association such as the annual budget, any recent fees, understanding the cost of repairs and maintenance, and more. Finally, if the buyer wishes to obtain financing, they must provide the condo association with various documents, such as their loan application, credit history, and proof of income. The association will also need proof of insurance for the unit. By following these restrictions and regulations, you can successfully sell a condo unit in a condo complex in Nebraska.

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

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