When you have a purchaser for your apartment, contact the Managing Agent, who will inform you of the necessary forms, references and financial information required of your prospective purchaser.
Required Documents
As of 2007 the required documents include (this list is not exclusive and is subject to change from time to time and depending on the purchaser):
- Purchase Application
- Contract of Sale
- Two Years of Tax Returns
- Financial Statements
- Copies of Bank Statements
- Letters from Employer and Prior Landlord
- Personal reference letters (minimum of three)
- Credit Checks and $55 for the cost of such checks
- Lead paint disclosure
- Copy of Loan Application
- Copy of Commitment Letter and Recognition Agreements
- Processing Fee of $300
- Purchasers should provide six (6) copies of this package of documents for review by the Board.
The Board Interview
The Managing Agent will arrange for a mutually convenient time for your prospective purchaser to be interviewed by Board after the Board has had an opportunity to review the purchaser’s package. If your purchaser is approved by the Board, a closing date and time will be arranged by the Managing Agent. At the time of the closing, all fees and charges due to the Co-op must be current and the apartment must be in conformity with all applicable building and fire codes, or funds sufficient to bring the apart–ment into compliance must be placed in escrow.
The Flip Tax
A resale fee (or “Flip Tax”) of 1 percent of the total sale price is collected by the Co-op at the sale of each apartment.