Until the association has title to the property, they cannot transfer ownership. Based on the limited facts provided it sounds like it is a matter of time.
If the purchase between the board member and the association is an arms length transaction, then I do not see any issues. If you have further questions you should look for the advise of a real estate attorney. Good luck!!
It is not recommended directors do business with associations, but there is nothing illegal if the board member is paying a fair market rate and the price is the same they would have sold it for to anyone else.
There is a risk of self-dealing if the board member is being offered a reduced price and the association and the board member could be sued for breach of fiduciary duty.
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Regardless of all the safe-guards such as arms length transaction, fair market price, advertisement in the open market, there is still the perception of impropriety.
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I agree with most of the answers - however..........
The association can transfer its bid from the foreclosure sale and avoid the "sale" and the expenses with it. Seek the advice of an attorney on how to assign the bid so the clerk issues title to the "new" owner. This will save the condo money!
Also, likely there is no prohibition on a board member participating in an open bid process to purchase the unit. But it must be not a closed door insider deal - it must be competitively sold. Otherwise the board has beached a fiduciary duty to get the highest and best price for the unit.
This advice is not specific and is generic in nature and as such should not be relied upon unless given by an attorney you have specifically retained and who has all of the background information necessary to render an opinion to you.