I was wondering if my association can force me to sell my shares back to them only. A long time ago an attorney told me that this by law was illegal and case law was made on this issue. I was wondering were I could find that case law and if the attorneys advise was correct.
2 Answers from Attorneys
It really depends on what the association documents say. Some are organized in such a way that you may sell them on the open market, i.e., by yourself or through a Realtor's listing to a buyer. Even in that kind of association, often there is a requirement that the sale be approved by the association.
Other associations are organized so that owners may only sell their shares back to the association. If you own shares, and not a condo, it is probably organized as a cooperative association, and you occupy your home under a proprietary lease that goes along with the shares.
You'll need a lawyer to review all of the association documents, and then, if necessary research whether there is a legal prohibition on restricting your right to sell. If an attorney once told you that, you should ask her/him for the citations to the statute and the cases.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
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