Demystifying reasons for co-op rejections

September 12, 2005 12:00AM

Those rejected by co-op boards for no stated reason may soon be able to find out why. The New York State Association of Realtors and the Manhattan Association of Realtors are drafting a bill that, if passed by the City Council, would give co-op boards six weeks to act on an application and to require the boards to provide a reason for rejection. If the boards don’t act on applications in six weeks, under the proposed bill, buyers would be automatically approved. more [New York]

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