If you’re thinking of selling a coop in Brooklyn, you may be wondering what documents are needed and what you will have to have ready for your agent in preparation for the sale. You won’t need too many documents, but there are some things that you’ll want to start gathering in order to avoid any potential issues. So, below is a list of the documents that we ask all of our seller clients for when they make the decision to sell.

  1. 1. Stock Certificate
  2. 2. Copy of most recent maintenance bill
  3. 3. Last 2 years financials
  4. 4. House Rules
  5. 5. Coop Application
  6. 6. Offering Plan or Proprietary Lease

Stock Certificate

When you finally get an accepted offer and start going into contract, one of the things that your attorney will need is a copy of your stock certificate. They will also need to know where the original is. Typically, if there is an outstanding mortgage, the original will be with your lender, and if there is no mortgage, you should have the original. If for some reason you cannot locate the original, you will need to do some legwork because the original will be needed in order to close.

Copy of Most Recent Maintenance Bill

This will be used by your agent in order to verify base maintenance, any additional fees, assessments, STAR credits, etc. When you decide to sell, it’s important that you advertise the appropriate maintenance, assessment, and/or fees so that there is no discrepancy once you go into contract.

Last 2 Years Financials

When you start the contract process, your attorney will ask you for the last 2 years financials which will then be sent over to the buyer’s attorney. The buyer’s attorney will review the financials along with other coop documents. Keep in mind that if your coop has not released the previous year financials, it may cause a delay in the sale as some banks will require that the new financials be released prior to approving the loan.

House Rules

Once you go into contract, the buyer’s attorney will also request a copy of the house rules so it is important to have these on-hand, this way you don’t cause any unnecessary delays once you go into contract.

Coop Application

Each coop will typically have an application packet which must be filled out by a prospective purchaser. Once you have an accepted offer this application should be shared with the buyer(s) and/or their agent so that they can begin filling it out and gathering all necessary documents/information.

Offering Plan with all Amendments or Proprietary Lease

The offering plan with all amendments will also be requested by the buyer’s attorney so it is important that you or your agent have it on hand and ready to deliver. If your property was originally built as a coop, then you will most likely have a proprietary lease as opposed to an offering plan.

Well, that’s it. These are the documents that we ask our sellers for whenever they decide ti enlist our team to help them sell. If you have any questions about any of these items, feel free to Contact Us anytime 🙂

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