Signing a Contract
Now it’s time to sign a contract. Your attorney will conclude that the contracts and property conditions are satisfactory before the contract is signed. Don’t forget that until the seller has also signed the contract, he/she is still free to entertain and accept other offers, so make sure to move forward quickly and efficiently.
The next step will be preparing your board package for the co-op board. Many first-time Manhattan buyers are unfamiliar with the process. You will need to gather all of your bank and investment statements, tax returns, and business and personal references. After that, you will obtain your “bank commitment letter” from your mortgage provider and then submit your board package.
Submitting the package is the first step in the board approval process. An interview with the building board of directors is next and is a crucial part of the application. Make sure to be punctual, and dress appropriately. Do not ask unnecessary questions or volunteer extra information. Your real estate agent will train and guide you through the process.
Once you’ve received board approval it’s time to schedule a closing. Make sure everyone involved in the purchase (banks, lawyers, seller, buyer, etc.) all coordinate a mutually convenient time. Usually this process takes 10-14 days after board approval.
When it’s all over and the closing papers are signed, it’s time to celebrate. One last thing… don’t forget to pick up your keys!
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Co-Ops have extra hoops to jump through. Eventually everything works out (most of the time).
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