Article courtesy of Rosemarie Ashbahian, Esq., DeRose & Surico, 213-44 38th Ave, Bayside, NY 11361, P: (718) 279-2000, E: rha@deroseandsurico.com
Selling a cooperative apartment can be a lengthy and complicated process. With the real estate market constantly changing, it is important to have all your documents to ensure a smooth and successful transaction.
When preparing to sell your cooperative apartment, the first step is to gather all necessary documents. Specifically, you should gather the following documents:
- Your stock certificate and proprietary lease (note that if you have a mortgage, your bank will be holding your original stock and lease you should try to obtain a copy of your stock-call your management for same.
- Your most recent mortgage and maintenance statement,
- The building’s offering plan and amendments,
- The building’s house rules and regulations,
- The building’s financial statements and budget.
- Death certificate for any shareholder that has predeceased (consult with an attorney if an estate proceeding was necessary)
Having these documents readily available can help speed up the process and prevent delays in the sale.
It is also important to have a clear understanding of the building’s policies and procedures for selling a cooperative apartment. Each building may have its own rules and regulations, and it is important to comply with these guidelines to ensure a successful sale. Have the managing agents name, contact information, and phone number available.
Additionally, it is recommended to work with an experienced real estate agent who specializes in cooperative apartment sales. An experienced agent can help guide you through the process, assist in finding a qualified purchaser and expedite the submission of the board packages in many instances.
In today’s difficult and rapidly changing real estate market, it is crucial to have everything in order when you find a potential buyer. Delay in obtaining necessary documents or understanding the process can result in missed opportunities and lost sales.
In conclusion, if you are thinking of selling your cooperative apartment, it is important to put your documents in order and be ready to move forward. Working with an experienced attorney, real estate agent, and complying with the building’s rules and regulations ensures a smooth and successful transaction. Don’t let missed opportunities and lost sales be the result of being unprepared.
Rosemarie Ashbahian, Esq.
DeRose & Surico
213-44 38th Avenue
Bayside, New York 11361
Phone: (718) 279-2000
Fax: (718) 279-1948