How long does a condo right of first refusal waiver take?

The bylaws set an outer limit. They typically require notice of the contract to the board and give a stated number of days to elect or be deemed to have waived, which means the calendar is knowable from the documents. Counsel should read that clause at contract rather than at the point the closing is being scheduled.

In practice the managing agent controls the pace. The agent wants a completed application, the executed contract, the purchaser’s identification and financial information, proof of insurance, the move-in deposit and its own processing fees. Anything missing simply stops the file, and nobody calls to say so.

Arrears are the second common hold. Where the seller owes common charges, an assessment installment or a late fee, the agent will often decline to issue the waiver until the account is current or a payoff is arranged at closing. Requesting the account status early converts that from a surprise into a closing adjustment.

The consequence of a late waiver is a moved closing date, and on a financed deal that can mean a rate lock extension and a fresh set of lender conditions. Ordering the application the week of contract, and following it with the agent on a schedule, is the cheapest insurance available on a condominium file.