Co-op boards and some condo boards require detailed information about the prospective buyer, including but not limited to:
• Contract of Sale
• Completed Application Form
• Previous two year's tax returns
• Current buyer W-2 or Income projections
• Letters of recommendation (personal and/or business)
• Reference letters from their bank and/or landlord
• An assets and liability statement
• Copies of bank and brokerage statements
• Acknowledgment of the House Rules
• Checks for credit reports, move-in deposits, etc.
Board Approval - This pertains to Co-ops Only
The sale of a Manhattan co-op is conditional upon the co-op board approving the purchaser.
Boards may refuse a prospective buyer without disclosing cause. In addition to making judgment on the financial status of the prospective buyer, they may also make a determination as to whether the prospective buyer would be a suitable neighbor. Do not underestimate their power. If your board declines your buyer's application, you have no recourse.
