who will answer which types of questions. Buyers should arrive promptly and dress appropriately. Buyers should answer all questions in a clearly and concise manner. Buyers should avoid providing information that is not directly asked of them.
11. Receive Approval from Board: Typical time frame: 1 day - 1 week
After the board interview, the managing agent will generally alert the seller's broker whether a potential purchaser has passed the board.
12. Schedule a Closing: Typical time frame: 1-2 weeks
After board approval the co-op’s attorney will set the date for closings, and lawyers for sellers and buyers coordinate with the appropriate banks on available dates and times. You must be able to create a fail-safe board package! Even before meeting the co-op buyer, your agent should be familiar with all the possible ways their application might be rejected. That familiarity will enable you to focus on the appropriate buildings as well as to make the necessary adjustments so that rejection will not occur. Since boards are not obligated by law to reveal the reasons for rejecting a buyer, the buyer and seller must rely upon an experienced broker who understands the delicate nature of purchase applications and the variety of unpublicized reasons why rejections occur. The NYC Legislature had introduced a bill in 2007, Intro 119, known as the “Fair and Prompt Co-op Disclosure Law.” Under Intro 119, the law would require Boards to send a written rejection letter to the purchaser outlining the reasons for the rejection. This proposal set strict time limits for the Board to act and if violated imposes steep penalties on the Board. There were mixed reviews on this bill and it was never passed. To this end, I have attached strong arguments for and against.
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