March 25, 2005

Documents for Buying a Coop Apartment in NYC

Legend:
-> you have to send
<- you will receive
<-> you will receive (a form), fill out, sign, and return


Your lawyer (send to him before signing):
-> Contract of sale
-> All mortgage bank lawyer correspondence
-> Bank commitment letter
<- Closing summary (list of all charges from everybody)

Mortgage bank:
-> Contract of Sale copy
-> Letter: recent large deposits and withdrawals from your bank accounts
-> Letter: building owner occupancy (total apartments, owner occupied %)
-> W-2, paystubs, bank statements, signed Contract of Sale, building financial statement, Citizenship/Green Card
<-> Lock-in request => sign and send with lock-in fee (Credit Card authorization form)
<-> Commitment Letter - approval (states loan amount and interest)
-> Recognition agreement (Aztec form)

Mortgage bank lawyer
<- Letter with a list of required documents
<->UCC Financing Statement Authorization Form
<->Lien Search Order Form + fee

Real Estate Agent
<- Contract of Sale (from the seller), Lead paint disclosure
<- building financial statement
-> Commitment Letter from bank
<- Coop sale requirements, coop application forms
-> Coop application, tax returns+W2, paystubs, bank statements

Building Management:
-> W-9 federal tax form
-> 6 copies + 1 original = 7 total copies of
    contract of sale, coop application, financial statement
    last 2 tax returns, employment letter, source of money letter,
    bank commitment letter, reference from previous landlord,
    emerg.contact form, window guard rider, lead paint disc.,
    house rules acknowl.
-> Application fee to coop, application fee to management

Previous Landlord
-> Reference letter

At closing
<- Stock Certificate
<- Proprietary Lease
<- Consent and Maintainance Letter
<- Hazard Insurance
-> Fees to coop: coop fee, management fee, move in deposit
-> Fee to your lawyer (get a receipt)
<- HUD-1 Settlement Statement
<- credit report

Posted by laza at March 25, 2005 05:41 PM | TrackBack
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