How To Prepare A Coop Board Application

Everything below pertains to all applicants.

Please find listed below some “helpful hints” regarding the preparation of your board application. Your broker-representative will assist you with the entire process, copy and collate the packages, deliver the final product to the managing agent, and provide you with a copy for your records.

Please note that the Standard Contract of Sale provides that your board application be submitted within 10 business days of receiving a fully executed contract from the seller, or if you are obtaining financing, within three business days of receiving a financing commitment.

Answer the questions in the following documents: “Purchase Application” and “Credit Report”. Please print legibly. These documents will be typed for you.

Request that all personal, business, employment and landlord letters be typed and addressed to the “Board of Directors”, ______________________ Street, New York, NY. These letters should be sent to you directly.

Provide your broker with a copy of your most recent financial statements from banks and brokerage houses. All pages of each statement are necessary. Your broker will complete the “Personal Financial Statement” with your assistance during a private meeting with you.

Include complete copies of both your state and federal tax returns, inclusive of all schedules, for the years requested. If you are self-employed and file a corporate return, include this in addition to your personal returns.

It is not necessary to sign any of the enclosed documents at this point. Once the application is completed, your broker will arrange for you to sign all necessary documents.

If you are financing the purchase, please include copies of your bank application and commitment letter. The recognition agreements (3-originals) will be sent to you sometime after you receive your commitment letter, give these to your broker at the time you are ready to sign the completed package.

Provide your broker with all necessary application checks, both personal and certified, at the time you forward to your broker all of the pre-mentioned items.