Tips, Trends and Tales from a Pro
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the co-op review process
When you’re invited to meet the co-op’s Board of Directors, you’re halfway home. The interview is the “look-see” part of the process. Some boards may ask you to bring your dog to make certain your pet is well mannered. Children, however, almost never participate, unless a parent is purchasing for an adult child.
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?
