NYC Co-op and Condo Board Application Instructions & Tips: https://www.hauseit.com/nyc-coop-board-package-purchase-application/
Receiving condo or co-op board approval for your sale requires the submission of a complete and well-presented board application. Although a condo board cannot reject applicants in the same way a co-op can, both building types will still require a perfect application before allowing you to proceed with your sale.
Here are five tips for embarking on the board application process as a seller:
Tip 1. Contact the Managing Agent
Before starting work on a board application, it’s a good idea to reach out to the managing agent to reconfirm the procedure. Buildings in NYC are notorious for changing the purchase application requirements or the submission procedure without giving you any heads up.
Sample Co-op Board Application: https://www.hauseit.com/sample-coop-board-application/
Tip 2. Begin Immediately
You can begin work on the purchase application the day the contract is signed. One of the first things you can focus on are the ‘signature’ pages. Because these require the coordination of buyer and seller, it’s a good idea to identify and send these pages to the buyer for signature right away.
The same goes for reference letters. Because these require the involvement of third parties, you should encourage your buyer to request these right away.
Tip 3. Submit a Complete Application
If you submit an incomplete board application, it will be rejected by the managing agent. The transfer agent will not forward the application to the board until the application is 100% complete. To avoid any delays, it’s highly suggested that you wait until the application is finalized before submitting it.
Tip 4. Present Perfect Financials
The buyer’s financial statement and supporting documents must be 100% accurate in order to have a chance of board approval. This means that all figures on the financial statement must tabulate exactly to the balances on the supporting statements. If there are any confusing transactions on any of the statements, you must include explanatory notes or a letter addressing them.
What is a REBNY Financial Statement? https://www.hauseit.com/sample-rebny-financial-statement/
Tip 5. Step into the Shoes of the Transfer Agent
The transfer agent is a dedicated individual who works for your building’s managing agent and focuses exclusively on resales. A typical transfer agent is working on many different resales at the same time.
It typically takes a minimum of 30 days to hear back from the board once your application has been forwarded to them by the transfer agent.
Co-op Closing Timeline in NYC: https://www.hauseit.com/co-op-closing-timeline-nyc/
For a more advanced tutorial on completing a condo or co-op board package, visit https://www.hauseit.com/nyc-coop-board-package-purchase-application/
