What key factor determines if a buyer can purchase a condominium?

The financial means of the buyer is the key factor determining whether they can purchase a condominium. A buyer needs to demonstrate that they have the necessary funds or financing secured to cover the purchase price, associated fees, and closing costs. This typically involves providing proof of income, credit history, and sometimes even obtaining pre-approval for a mortgage.

While approval by the association, the preference of existing residents, and market conditions can influence the purchasing process, they do not fundamentally determine a buyer's ability to proceed with the transaction. For instance, an association may require that potential buyers meet certain criteria, but if a buyer does not have the financial means, they will not be able to complete the purchase regardless of association approval. Similarly, preferences of existing residents and prevailing market conditions could affect desirability or offers but cannot substitute for the essential requirement of financial capability in the actual purchase decision.