Originally Posted by Meadbh
I have never heard of condo boards having this power. Obviously the laws of New York State allow it. However, I know this scrutiny takes place in cooperatives.
Regardless, condo buyers should do their own due diligence on the condo board, bylaws, and reserve fund, as well as becoming familiar with applicable legislation.
Condos do not have approval boards, that would be a Cooperative. The Condo board has something called the "Right of First Refusal" when a sale happens. Meaning they can match the price and buy the unit out from the new buyer and you can not refuse it. This is almost never invoked in real life.