The Board Package
The application materials can be similar for a cooperative and condominium. The buyer will need to prepare the Board Package, which is similar for both Condos and Coops.
Completing the Board Package entails preparing an application and submitting a financial statement signed by the buyer’s CPA, documents to support the financial statement including banks statements and the like, three years of tax returns, letters of personal and financial reference, letters of professional reference, the contract of sale, and a bank commitment letter stating that a mortgage has been approved, if financing.
While the buyer’s agent will actually prepare the package, we will work with the buyer’s agent to ensure that the best possible Board Package is prepared and submitted to the Managing Agent for review.
Once completed, the Board Package will be forwarded to the building’s Managing Agent for review. Once the Managing Agent determines that the buyer’s application is complete and all credit checks are approved, the package will be forwarded to the Board of Directors.
THE NEXT STEP IS THE BOARD APPROVAL.