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Contract of Sale Cooperative Apartment-1000-27 7-2001 Prepared by the Committee on Condominium and C

Contract of Sale Cooperative Apartment-1000-27 7-2001 Prepared by the Committee on Condominium and C-2025

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This document is a Contract of Sale for a cooperative apartment between a Seller and Purchaser, prepared by the New York State Bar Association's Committee on Condominium and Cooperative. It outlines key definitions, terms of sale, responsibilities of both parties, financing options, closing procedures, and conditions for the transfer of ownership. The contract emphasizes the importance of consulting a lawyer before signing and includes provisions regarding personal property included in the sale, representations and covenants from both parties, as well as details about escrow arrangements.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in the 'Parties' section, including the names and addresses of both the Seller and Purchaser. Ensure all details are accurate.
Complete the 'Unit' information, specifying its location and any included interests such as storage or parking spaces.
In the 'Purchase Price' section, enter the total price, contract deposit, and balance due at closing. Make sure to double-check these figures for accuracy.
Fill out financing options if applicable. Indicate whether financing is contingent upon a loan commitment letter.
Review all sections carefully, ensuring that all required fields are completed before proceeding to sign.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What documents do you receive when you own a cooperative?

When owners buy an apartment they do not receive a deed and do not own any real estate. Rather, they receive what is called a proprietary lease, which is a permanent lease, along with a stock certificate for shares in the cooperative corporation which owns the building.

Which of the following will a purchaser of a cooperative apartment receive at closing?

The Closing is a meeting in which the Stock Certificate for the Cooperative Apartment along with other documentation is given to the Purchaser and total Purchase Price is given to the Seller.

Who holds the right to approve the sale or purchase of a cooperative apartment?

Being a co-op shareholder gives you the right to occupy the unit your shares represent, and to use any common areas in the building. Co-ops are typically managed by boards similar to HOAs, with resident board members who oversee the buildings finances and may approve or deny potential purchasers.

What does a cooperative owner receive at the closing?

Charter and bylaws of the corporation. Certificate of incorporation and certificate of good standing of the corporation. Declaration of cooperative ownership. Proprietary lease.

What does a new owner of a cooperative apartment recieve at closing?

At a co-op closing, the transfer agent cancels the old shares of stock belonging to the Seller and the old proprietary lease. Then, the transfer agent issues a new proprietary lease and new shares of stock to the purchaser on behalf of the corporation.