co-op. Everything is negotiable so inquire about assessments, parking transfer fees, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washer dryers, etc.
5. Contract Signing: Typical time frame: 2 days - 1 week
Before your attorney reviews the contract and has you execute, they must first do their 'due diligence'. This includes reading the offering plan, amendments, financial statements and sometimes board meeting minutes. A co-op contract has more contingencies than that of a condo or house sale. They not only have a mortgage contingency but include time lines concerning application submission (usually10 days after written mortgage commitment) & board acceptance. 6. Apply for & Receive a Mortgage Commitment Letter: Time frame: 1 - 4 weeks If an apartment is being financed, the board will require not only the written commitment but the actual loan application that was submitted by the lender. These documents are generally the last items to complete a board package/condo application. 7. Necessary Mortgage Documents What will you need when applying for a mortgage? • Copies of your last years’ W-2 and tax returns. • If self-employed, copies of your last 2 years’ business return. • Most recent paycheck stub for a 30 day period. • Copies of your checking and savings account statements for the past 2 months. • List of all/any credit card accounts; including car loan/ lease and/or student loans. • Further documentation may be requested if needed.
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