Once the offer is accepted and the deal sheet is sent out, there’s still work to be done if you’re buying a co-op. And you probably have plenty of questions: Who exactly is looking at all this data, what are they looking for, and who is responsible for the due diligence at this step? Let’s […]
The good news about the co-op board interview is that the vast majority of turndowns–based on a buyer’s financial package–occur before an interview takes place. Attorneys have counseled their boards to do this in order to cut down on lawsuits alleging discrimination. That means that most of the time, if you’ve gotten to the interview, […]
The vast majority of rejections occur before the co-op board interview, based solely on yourapplication. As one Manhattan property manager shared with the NY Times, out of 350transactions in buildings managed by his company, 20 buyers were turned down before theinterview, and only 1 afterward. Co-op boards do not have to explain why they rejected […]
Whether you’re buying a co-op or a condo resale, your purchase usually must be approved bythe building’s board. This involves submitting a 45-page-long, invasive, much bemoanedapplication package assembled by you and your broker that includes tax returns,recommendation letters, financial statements and much, much more. Some applications onlyreach back a couple of years; others go all […]
Though we wish it weren’t the case, we’re hearing about more instances where condo boardshave abused their right of first refusal to effectively discourage a potential buyer fromcompleting their purchase. A condo board typically has 30 days to respond with a right of firstrefusal after a condo purchase application has been submitted. However, if the […]
The Right of First Refusal is a privilege that is rarely exercised by condo boards primarilybecause it is exceedingly difficult to raise funds either through a special assessment or a loanto be able to purchase a multi-million dollar condo in NYC. Furthermore, even if it werepossible to raise the funds, there would likely be severe […]
Condo board approval typically takes around 4 weeks from the time you submit a completedboard package. Most condos typically have between 20 to 30 days to waive their right of firstrefusal and approve your purchase. Here’s where it gets interesting: while a condo cannot reject you outright without buying theapartment, they can delay issuance of […]
Virtually all condo buildings charge buyers an application fee between $300 to $1,000.Buildings usually ask for a move-in fee and/or a move-in deposit as well as a move-out feeand/or a move-out deposit from the seller. The typical move-in or move-out fee is ~$500,while the average deposit is between $500 to $2,000. Unfortunately, there is steep […]
Assembling the various documentation for a condo board package can be accomplished in aslittle as an hour if you’ve done your homework. As the buyer, you’ll already have access tomost of the information requested such as tax returns and bank statements. How quickly youcan put everything together depends on how efficient your record-keeping is.If the […]
It’s a common misconception among buyers in NYC that a board package is only required fora co-op apartment. While a condo does not have the same broad discretion as a co-op toreject buyers, most condos still require buyers to complete and submit a board package.The condo board package in NYC is primarily an administrative exercise […]
