Condos and Coops
Once the contract is executed by both parties, the buyer must submit a Board Package to the Condo or Coop board. The Coop and Condo boards will have the Right of First Refusal, and that is why the Board Approval is required. The Board Package will include/require:
- An application and fee.
- The executed contract and Mortgage Commitment Letter, if any.
- Financial statements including bank statements or confirmation letters.
- Personal letters of reference.
- Business letters of reference.
- The last three years’ tax returns.
- Employment and income verification letters.
- Authorization for criminal, credit and employment checks.
The package is submitted to the building’s management company for review.
- If a Coop, the Board will request an interview of all the future residents of the unit. This interview is very serious and should be considered to be a business meeting.
- A Condo will not interview the prospective purchaser but will run credit and criminal checks and read the Board Package.
Once the Board “waives the Right of First Refusal”, or in other words, approves the purchaser, then a closing can be scheduled.
There is no Board Approval for whole Townhouses or Free-Standing Homes.
THE NEXT STEP IN THE PROCESS IS PREPARING FOR CLOSING.