※ Condominium (Co-op) Board-- Boards of directors run condo corporations on behalf of owners and represent the owners. As an entity, they are responsible for making all major decisions regarding the maintenance of buildings and property, condos' finances, and must uphold and enforce the Condo Act, the declaration, by-laws, and rules. The Board also reviews the new buyer applications.
※ RIGHT OF FIRST REFUSAL - The Board has the right to purchase the property under the same condition. If the "sales price" due to mutual agreement between both parties is much lower than the "market price," for the purpose of maintaining the property value, this right could be exercised, and there are cases where application may not be approved. However, it is quite rare and unusual for a condominium to exercise that right.