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successful closing

THE CO-OP REVIEW PROCESS. PART 1: THE BOARD PACKAGE

THE CO-OP REVIEW PROCESS. PART 1: THE BOARD PACKAGE

According to Paragraph 6 of the Contract of Sale, co-op apartment transactions are “subject to the unconditional consent of the Corporation.”  By contractual agreement, purchasers are required to submit their application and all supporting documentation within 10 business days after the delivery of a fully executed contract of sale.  But how, in the light of the growing number of board rejections, do buyers ensure that their co-op purchases will be approved and will conclude ultimately in a successful closing?