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newbie99, Both Buyer and Seller in 10603

Co-op transfer agent dragging feet?

Asked by newbie99, 10603 Mon Jul 23, 2012

Does anyone know how long it 'should' take, once a buyer is approved by a co-op board, for a transfer agent to 'get their act together' and schedule a closing?

The transfer agent in my building has said that now that our buyer was approved by the board, it could take up to 2 weeks to send some paperwork back and forth between her and the board, before she can even consider moving forward and scheduling a date. Apparently nobody has heard of email, fax, FedEx, etc...

I'm told by other parties that this should be standard, boilerplate paperwork that should take no more than a couple of days.

Thanks for any thoughts.

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Answers

2
You know when you buy a co op you are buying stock in a corporation. You are not buying mortar and brick. The importance of relationships skyrockets when the importance of the board and its members and the decision making power over the desires of a buyer. It is really sound advice to try not to offend anybody or even draw attention. They move at their speed and when so (negatively disposed) will slow things down. Why? You know its many things, most of all they can! The idea is to understand the lay of the land. Do what they say, they like that. Its like the shortest between two points. Let him be and get job done. More you badger him, the longer you wait. Good luck and your Realtor should be telling you all these things.
0 votes Thank Flag Link Mon Aug 6, 2012
Your attorney can better advise, therefore consider a consultation; and or, check with management/the transfer agent's supervisor regarding its policies....
0 votes Thank Flag Link Mon Jul 23, 2012
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