Home Buying in New York>Question Details

Chelsea, Other/Just Looking in New York, NY

What's a Co-op board package and how do you put one together?

Asked by Chelsea, New York, NY Sat May 5, 2007

Help the community by answering this question:

Answers

13
A coop board package is the package that is submitted to a coop board required for purchasing an apartment in a coop. The package is put together based on the coop purchase application. The coop's management company will provide the purchase application. In addition to the purchase application there are many documents that are required including a signed financial statement, 2-3 years federal tax returns, bank statements, brokerage statements, personal and professional reference letters, loan commitment letter, Aztech recognition agreements, lead paint acknowlegement, window guard acknowlegement and any other documents the coop asks for. Usually they want one original and 7 or 8 collated copies. It should be typed and should look pretty.
3 votes Thank Flag Link Sun May 13, 2007
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
Hello, selling co-ops are one of my niches in Brooklyn. I always make it my business to go through the package with the buyer and walk them through until the package is perfect. The co-op package is an application that consists of many pages that entail questions about your personal and financial status. You will have to gather many documents such as references, employment verification, landlord verification if any, bank statement, pay stubs, tax forms, w2's, credit report and more.

Now each co-op complex will have their own personalized package, but above are the common documents that you must have to complete the package.

I hope my answer helpled you.

Rhonda Holt
Weichert Realtors
Web Reference: http://www.RhondaHolt.com
0 votes Thank Flag Link Tue Jun 15, 2010
I am real new to the forums, but have a lot of

real world experience I think I can contribute. I

currently word part-time for
<a href=http://www.rickwiese.com>San Diego State Farm Insurance Agency</a>. I am a brand new employee, but have several years of experience in the

p&c insuance community and also use to sell health insurance as

well. I think that anytime you sign up a new forum like this that you let people know a little

bit about you so that they can get to know you. I really am looking forward to being part of this

community and learning everything I can from the members around here. I am also

going to recommend this board to a couple of my friends who spend a lot of work of

others forums that are not near as activate as this one. Suprisingly we had never heard of this board until I did a

Google search and found it. I am part of
<a href=http://www.rickwiese.com>San Diego Auto Insurance Agent</a> and spend a lot of time helping people in real

life so I figured online communities would be great too. Anyway you will be seeing a lot more of

me around the board now since I finally signed up.
0 votes Thank Flag Link Tue Jun 15, 2010
I am new to the board and look forward to participating in the forum. I work online for a
<a href=http://www.ebusinessfirm.com/lawyer-attorney-internet-market… SEO Services</a> but usually just cruise on Facebook since we are not busy right now.
0 votes Thank Flag Link Sun Jun 13, 2010
I am new to the board and look forward to participating in the forum. I work online for a
<a href=http://www.ebusinessfirm.com/lawyer-attorney-internet-market… SEO Advertising Company</a> but usually just cruise on Facebook since we are not busy right now.
0 votes Thank Flag Link Sun Jun 13, 2010
I am new around here and happy that I finally decide to sign up and be a community member of the community. I have been browsing the board for a couple weeks now, but it is nice to finally be real member so that I can contribute when I can. I work for
<a href=http://www.ebusinessfirm.com/plastic-surgeon-internet-market… Surgeon Internet Marketing</a>, but most of the time I just spend time researching forums and blogs. This is actually one of the best parts of my job because I don't have to worry about my boss getting mad since it is somewhat related to my job.
0 votes Thank Flag Link Fri Jun 11, 2010
I am pretty new around here and glad that I finally decided to sign up and be a community member of the group. I have been browsing the board for a couple weeks now, but it is nice to finally be registerd member so that I can contribute when I can. I work for
<a href=http://www.ebusinessfirm.com/plastic-surgeon-internet-market… Surgeon Internet Marketing</a>, but most of the time I just spend time researching forums and blogs. This is actually one of the best parts of my job because I don't have to worry about my boss getting mad since it is somewhat related to my job.
0 votes Thank Flag Link Fri Jun 11, 2010
hello to every one.Wish you all on be ok.
0 votes Thank Flag Link Sat May 29, 2010
morning its <a href=http://chuj.com>just</a>a test hehe
Web Reference: http://chuj.com
0 votes Thank Flag Link Sat May 8, 2010
Hi Chelsea. You have your answers below but I would counter the statement that a broker (if you're working with one and of course, you should be) will put the package together for you. You'll be supplying all the required paperwork as it is yours to supply.

The application itsself will let you know exactly what paperwork is needed and you'll need to comply. You'll also need to include check payments to cover processing fees, board fees, a credit check and most likely a move-in fee. In Manhattan, these fees can amount to a couple of thousand dollars.

Once you've gotten all your paperwork together, your broker should review it all, advise you of any missing paperwork and help you put it in order as per the application. It's always wise to separate portions of the application with a header sheet for each section with a different colored sheet.

Some boards are so specific that they will require separate header sheets and possibly with tabs. I had this occur once and the application also required the package to be in a three hole hard covered binder!

You will need an extra set of eyes to make sure the package is done correctly the first time. This is just another aspect of the added value of using a broker. Don't go it alone. Get a broker you feel comfortable with and allow them to do what they do best. Good Luck.
0 votes Thank Flag Link Thu May 6, 2010
I agree with all the answers, if you're putting the packet together yourself take your time, read all the instructions and then it states "original documents" please submit that and not copies!!! Think of it like submitting a college application, the instructions and comments will guide you. If you're using an agent he/she will walk you through it and put it together. Feel free to contact me for all your real estate needs, good luck!!!
0 votes Thank Flag Link Tue May 4, 2010
The other usual parts of a board package beyond what is mentioned below are a copy of the fully executed contract, your mortgage application, and, when you get it, your mortgage commitment letter, a landlord reference letter and a statement of employment from your HR dept (different than a work reference). It is usually good to start getting your documents together as soon as the contract is signed. For example request the reference letters, gather your latest financial documents, etc. Once you have your mortgage commitment, if the rest is already done you can just slip that in. If you are not represented by an agent, make dividers and label each section, using the names of what they want from the list in the application instructions. Also you should always have a cover letter and a cover page.
0 votes Thank Flag Link Wed Dec 3, 2008
Chelsea,
Mitchell has answered it all except that it is usually prepared for you by your buyer broker (at no charge to you) and sometimes by the seller's broker, if you don't have either you may want to ask your attorney to help you prepare the package and to prepare you for your meeting with the coop board. The whole process can be a bit arduous and time consuming as there are much personal & financial information to be disclosed,as well as many documents and copies to be collected, organized and packaged for presentation.
Web Reference: http://joliemuss.com
0 votes Thank Flag Link Mon Dec 1, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer