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Click ‘Get Form’ to open the sale cooperative apartment document in the editor.
Begin by entering the date of the agreement at the top of the form, followed by the names and addresses of both the Purchaser and Seller.
In the Definitions section, fill in details such as Apartment number, Building name and address, Corporation name and state, Lease date, and number of Shares being sold.
Complete the Inclusions and Exclusions section by listing all items included in the sale and any exclusions that apply.
Specify the purchase price in the Purpose Price section, detailing initial payment and balance due at closing.
Fill out acceptable forms of payment under Acceptable Funds to ensure compliance with transaction requirements.
Provide details for Date, Time, and Place of Closing to finalize arrangements for transferring ownership.
Review all sections carefully before saving your changes. Utilize our platform’s features to sign or share your completed document as needed.
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In NYC it is also different from selling a condo or a house. Its a process that can turn even the most prepared sellers journey into a waiting game. Unlike condos, where buyers only need lender approval and a less scrutinized purchase application, co-op buyers must pass an extensive board review.
Is it harder to sell a co-op than a condo?
Yes, co-op boards can reject buyers or impose rules that complicate the selling process. This is a stark contrast to condos, where the boards influence is limited. A co-ops board can prevent a sale or set specific requirements for buyers, making it crucial to know their policies before making a purchase.
Can you sell your co-op apartment?
Cooperative Apartment Transaction Approval For one, the sale of a cooperative apartment and the purchasers application are both subject to the approval of the board of directors of the coop. If the board does not approve, the transaction will not continue.
What are the disadvantages of cooperative housing?
Disadvantages of buying a co-op Typically higher monthly fees than condos. Potential for greater restrictions depending on how shareholders want to run the building. Must pass an approval process with the board of directors. May take longer to close on the home.
Related Searches
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Related links
Cooperative Apartment Law - Best Practices in Handling
Why You Should Attend: This program features expert faculty discussing key issues to spot in cooperative apartment purchasing agreements.
Before You Buy a Co-op or Condo | New York State Attorney
The New York State Office of the Attorney General has promulgated regulations that govern the offer and sale of interests in cooperatives and condominiums.
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