nyc BLOG estate

nyc BLOG estate

PREPARING TO SELL YOUR NYC COOP

PREPARING TO SELL YOUR COOP



  • Gather the Offering Plan, Purchase Application, and Building Rules and Regulations. (These may be in your own files, with your attorney, or you may need to contact the board for copies. Your broker can obtain this. Your buyer will need it as soon as there is an accepted offer.)
  • Collect copies of the building’s financials for the past two years.
  • Check your shareholder’s certificate and make sure both your listing agent and your attorney are aware of the exact name(s) on the shareholder’s certificate.
THESE QUESTIONS NEED TO BE ANSWERED BY BOARD OR MANAGING AGENT

Building Details

  • How many units are in the building? 
  • Does the building offer storage and/or bike storage? If so, is there a fee?
  • Does the building have a laundry room?
  • What other amenities does the building have (roof deck, parking, etc.)?
  • What is the heating/cooling system?
  • What is the sublet policy?
  • What is the pet policy?
  • Are washers/dryers allowed in the apartment?
  • What does the maintenance include (heat and hot water only, electric, storage, etc.)? 
  • Have there been any maintenance increases lately?
  • Are there any plans for assessments or maintenance increases in the near future?
  • What is the tax deductibility (percentage) of the maintenance?
  • What is the Flip Tax, if any?
  • What is the underlying mortgage of the building?
  • What is the current reserve fund of the building?
  • What is the owner occupancy of the building (how many units are sublet or sponsor-owned?)

Buyer qualifications

  • What specific financials does the co-op board look for in a potential purchase (financial assets, debt-to-income ratio, and post-closing liquidity)?
  • What is the maximum % of financing allowed for buyers?
  • Can buyers use guarantors?
  • Can parents buy for children?
  • Is gifting of any kind allowed?
  • Is co-purchasing allowed??
  • Are live/work situations allowed?
  • Are pied-a-terres allowed? 
  • Can children buy for parents who are on a limited income?

Other

  • How often does the co-op board meet, and what is the time frame between board package submittal and the board interview?
  • Does the building allow Open Houses, or are there other restrictions on showing times (do you need a door person)?

1 comment:

  1. These are some very useful guidelines indeed, thanks for sharing them with us. At times amidst tight and chaotic schedules, we have a higher tendency to overlook certain things and they are often the insignificant yet necessary details such as the bike storage to quote an example.

    ReplyDelete

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