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

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

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Mitchell Hall, Agent, New York, NY
Sun May 13, 2007
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
Rhonda Holt, Agent, New York, NY
Tue Jun 15, 2010
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
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Tue Jun 15, 2010
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Sun Jun 13, 2010
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Sun Jun 13, 2010
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Fri Jun 11, 2010
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Sat May 29, 2010
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0 votes
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Joseph Hasti…, Agent, Bayside, NY
Thu May 6, 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
Tony Lara, , New York, NY
Tue May 4, 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
Jenet Levy, Agent, New York, NY
Wed Dec 3, 2008
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
Jolie Muss, , Upper West Side, New York, NY
Mon Dec 1, 2008
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
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