(Estimated Timeframe: 30-45 Days)
Necessary: When buying in a New Development or a Sponsor Sale, please disregard this step.
Once your purchase contract is; countersigned, your condo board will give you a complete board application. This application requires to be completed and approved before closing takes place. If there is no mortgage involved, it takes about 2-3 weeks to gather all the application information.
However, co-ops require a co-op board application to be completed, an exhaustive list of documents and information. Most co-ops require the following in a board package: Complete financial disclosure with supporting documentation, detailed employment history, current salary, personal and business references, two years of tax returns, and comprehensive credit history.
New York City buyers usually face a lengthy application process unless purchasing a sponsor unit, as each cooperative’s Board of Directors decides whether to approve a new building resident. The Board may deny a buyer who has insufficient proof of income or other reasons, depending on the building’s rules.
Filling out an application correctly is often a time-consuming process, especially if you’re unsure what to include. However, a board’s approval is one of the final steps that buyers need to take to purchase properties in New York City successfully. As with all other steps in the purchasing process, a real estate agent can help.
You can plan better for an application if you know what to expect. That’s precisely what Elika Associates buyer’s agents will do by keeping you informed to apply successfully. You’ll need to include two years of tax returns, personal and professional reference letters, proof of financing, a signed purchase contract, and other detailed financial documents. Depending on the policies of the Board of Directors, you may have to submit further documents.
We will help you assemble an attractive application package and submit it to the building’s managing agent. Co-op applicants will also need to perform an in-person interview with the Board of Directors. Elika buyer’s agents will help you prepare for your co-op interview by eliminating much of the associated stress and improving the chances of a fast, successful purchase.
Board approval can be subject to numerous delays that are entirely outside your control, such as their schedules to meet and procedures for reviewing board packages. If you’re fortunate, have a superb board package, and ace the board interview, you will receive the green light to close. More often, it can take up to 45days in total from the date of board application submission.
While condos also require board approval, this is more of a formality as they have much less power to refuse your application. Assuming you’ve provided all the necessary paperwork, all you’re waiting on is a waiver that declines their right of first refusal. Condo board approval can take anywhere from a few days to a month.