| Meet with Co-op or Condo Board for Interview Upon review of your board package, the board will typically schedule an interview to meet with you. Boards vary in the manner in which they meet with applicants. |
| Submit Board Package or Condo Application The Board package is reviewed, fine-tuned and duplicated for all the Board Members of the building by your broker who will do the best to present you in the most appropriate manner for this specific building. The package is then submitted to the building’s Managing Agent for review. The Managing Agent distributes the package to the Board Members for their review. |
| While awaiting for your mortgage commitment, work with your broker to complete your board package. Your application must be completed and returned within 10 days of receipt of the fully executed contract or 3 days from the date a bank commitment letter is received, whichever applies. Cooperative buildings require a completed Board package, each building has different requirements. A typical cooperative board package requires at the minimum, the following: Personal and Business Reference Letters, Employment Verification Letters and/or Pay Stubs, Bank Verification and Brokerage Statements, Net Worth Statement, two-years tax returns and the mortgage loan application and commitment. Buyers who are unwilling to divulge this information are in a better position to purchase a Condominium, although many Condominiums require a lot of this information too. If you are not financing, this procedure could take 2-4 weeks. *** Both the application form and the Net Worth Statement should be typed. The package should provide a clear and concise assessment of your qualifications to purchase. |
