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We accepted an offer on our co-op- What's next?
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Maybe-baby
LIF Adolescent
Member since 12/07 774 total posts
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We accepted an offer on our co-op- What's next?
We accepted an offer on our co-op and have no idea what are our next steps. All we know is that we should contact a lawyer.
Any BTDT sellers that can offer advice? especially concerning our role and costs in closing.
TIA!
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Posted 4/18/10 7:39 AM  |
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queensgal
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Member since 4/09 3287 total posts
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Re: We accepted an offer on our co-op- What's next?
You need to contact a lawyer to draft a contract for you ASAP. The offer is only binding once you have a signed contract from both sides, they can walk right now with no penalties.
You should contact your coop for their information on selling/buying a property.
Each coop is different, they may have different requirements about the buyer, i.e. their income needs to be % above the monthly maintenance, they need to put % down as downpayment, etc.
Make sure you satisfy the coop requirements early on, you do not want to have the buyers denied and then have to start all over.
The coop may have fees that you need to pay, each one is different. There are usually fees for the buyers too.
HTH
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| Posted 4/18/10 10:21 AM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: We accepted an offer on our co-op- What's next?
Posted by queensgal
You need to contact a lawyer to draft a contract for you ASAP. The offer is only binding once you have a signed contract from both sides, they can walk right now with no penalties.
You should contact your coop for their information on selling/buying a property.
Each coop is different, they may have different requirements about the buyer, i.e. their income needs to be % above the monthly maintenance, they need to put % down as downpayment, etc.
Make sure you satisfy the coop requirements early on, you do not want to have the buyers denied and then have to start all over.
The coop may have fees that you need to pay, each one is different. There are usually fees for the buyers too.
HTH
This is correct. I'd call your lawyer and get the contracts started. If the person doesn't pass the board requirements their money will be refunded, so I'd get the application from management sooner than later so that your buyer can get started on it.
My board was crazy so I had to make sure any prospective buyers made X amount of money before I'd even listen to offers. Most brokers will make sure of that before they bring people..my fees included a 1% flip tax as well as the buyers $800 app fee...
Let me know if you have any questions!
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| Posted 4/18/10 11:34 AM |
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MrsAm
LIF Infant
Member since 2/10 81 total posts
Name:
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Re: We accepted an offer on our co-op- What's next?
As stated above every co-op has their own set of rules. We are currently in contract selling ours and here is what we did.
Made sure that the buyers met all criteria for board (minimum salary, 20% down etc)
Got the by-laws and financials from the office and gave them to lawyer. Lawyer sent them with the contracts.
Buyers signed and sent back to my lawyer. We then went an signed.
Buyers filled out application for co-op and dropped it off. Now we are waiting to find out when the interview is and then CLOSING DATE!
That's it in a nutshell. As the seller there really isn't ALL that much to do. We know that we have a flip tax of $10/share.
Good Luck!
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| Posted 4/18/10 8:35 PM |
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Maybe-baby
LIF Adolescent
Member since 12/07 774 total posts
Name:
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Re: We accepted an offer on our co-op- What's next?
Thank you all for your advice!
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| Posted 4/19/10 2:56 PM |
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