8. Complete Board Package or Condominium Application: Time frame: 1-2 weeks Cooperative apartment buildings require board approval before a closing can take place. In order to review a potential purchaser, the board of directors for a co-op demand extensive information in a board package. Most boards request a full financial disclosure (net worth) with supporting documentation, employment history, current salary, personal and business references, tax returns for the previous 2 years, credit history, etc. Condominiums require an information packet to be completed before a closing can take place. You will need the help of your agent or attorney in completing the package. After its complete the agent will review it prior to submitting it to the managing agent of the building. The managing agent will inspect the package to ensure it is complete. The package will then be forwarded to the board of director's of the co-op. After the board reviews the package, they will decide if they would like to meet the potential purchaser. Co-op boards typically meet once a month and some boards do not meet in August. Every board is different, but generally a board meeting will be held in the evening on a weeknight. Although a board interview may be granted, this does not guarantee board approval. The interview provides the board with the opportunity to meet the buyer and discuss their 9. Submit Board Package or Condo Application: Typical time frame: 1 - 5 weeks 10. Meet the Coop Board for an Interview: Typical time frame: 30 minutes - 1 hour application in further detail. Board interviews can range from an informal meeting to a formal interview, either in person or by zoom. Buyers should review their application prior to the interview and be prepared to answer a wide range of questions from personal to financial. Couples should decide in advance
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