Sample NYC Coop Board Application

What does a sample coop board application look like? Is it the same thing as a “board package” and “purchase application?”

Hauseit
Hauseit
Jul 10, 2017 · 3 min read

Can I handle a co-op board application myself?

Absolutely. But having a buyer’s agent guide you through common pitfalls for free would be a much better option. A good buyer’s agent will advise you to type the purchase application and to have a table of contents, page dividers and tabs. A good buyer’s agent will advise you to fill out all questions including ones which are “N/A” for you. A good buyer’s agent will also double check your financial summary against your back up documentation and make sure everything adds up. All of this advice on the buy side is free to begin with, so why would you turn down the help?

Lastly, our Hauseit affiliated buyers’ agents have already agreed to provide you with a 1% rebate on the purchase value of your home. That means our partner agents will pay you 1/3 (one-third) of their commission at close. For an average $2 million NYC apartment, that’s a $20,000 check to you at closing!

What does a sample coop board application look like?

We’ve included a real life, sample coop board application below. Please note that most coop board applications will require multiple copies of all documents, collated and typed. The listing agent will share with you how strict or relaxed the board is in regards to the application. Some co-op boards are relatively benign and won’t even read all of your documentation. Other co-op boards will be extremely nit picky and look unfavorably upon you even for innocent mistakes such as typo’s and grammatical errors.

More often than not however, it is simply the listing agent who is the nit picky roadblock to you being able to just submit your coop board application. Sometimes listing agents feel like they have to justify their commission by acting like an investment banking Managing Director checking for typos of a presentation that a new analyst just created. It can be infuriating, but remember the reason that you decided to buy a co-op in the first place was because of its superior affordability versus condos!

PURCHASE APPLICATION

Closing Agent: [Name & Contact Information]
Property Manager: [Name & Contact Information]
Asst. Property Manager: [Name & Contact Information]

How Many Application Copies to submit: The original application
Mail or deliver Application to: [Name & Contact Information]
Interviews: Interviews are scheduled at Board’s request.

Information Requests: Please mail, e-mail or fax requests in writing. Please include building address and apt. no. and where and to whom this information should be sent. Fees must be received prior to processing request. Offering plans, By-laws, financial statements are not faxed. Arrangements can be made to either pick up documents or have them mailed.

Contact Closing Agent for the following: Fees Charged*:
Offering Plans and amendments $200.00
By-Laws $30.00
Financial Statements $30.00 per year
Blank Proprietary Lease $30.00
Coop Questionnaires (includes comparable sales, building Cert. of Insurance, most recent financial statement) $150.00 (generic) $250.00 (custom)
Certificate of Insurance none
Comparable Sales none
*Checks are to be made payable to [BUILDING MANAGEMENT COMPANY]

Contact Asst Property Manager for the following information: Open houses; Alteration procedures

Suggestions for expediting the processing of applications: Designate one contact person — Send only a complete application and submit required copies. If an item is missing from the required documents, please indicate in writing a reason for the missing item.

See the rest of the sample NYC coop board application here: https://www.hauseit.com/sample-coop-board-application/

Content courtesy of https://www.hauseit.com/sample-coop-board-application/

Please note: this article is not intended to serve as legal or tax advice. You should consult your lawyer and tax attorney for all aspects of your real estate transaction.

Hauseit

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Hauseit

Save money when buying and selling in NYC with Hauseit, NYC’s largest and most trusted For Sale By Owner and Buyer Agent Commission Rebate company - hauseit.com

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