Do sponsor units skip board approval?

The exemption comes from the offering plan, not from custom. The plan typically reserves to the sponsor and to holders of unsold shares the right to sell or sublet without board approval, and that reservation is what removes the package and the interview. Read the clause rather than accepting the broker’s summary of it.

The exemption can lapse. Some plans limit it to the original sponsor, some end it after a stated period or after a share threshold is reached, and some distinguish a successor who bought in bulk from one who did not. Where the reservation no longer applies, the purchaser is in the ordinary approval process with no time budgeted for it.

A notice still goes in. The managing agent needs the contract, the purchaser’s details, the transfer paperwork and often an information form so the building can issue closing figures and update its records. That is administrative rather than discretionary, but it has its own timeline and it can still stall a closing.

After closing the purchaser is an ordinary shareholder. The apartment is bound by the house rules, alterations need the building’s consent under the alteration agreement, and any sublet follows the building’s policy, whatever the sponsor was permitted to do. The exemption covered the purchase, not the ownership that follows it.