Now that you’re in contract on your dream home, and things are moving along with the mortgage process (if you’re financing), it’s now time to turn your attention to the purchase application. Let’s take a look at what you can expect.
It provides the co-op board or condo board with personal and financial information about you, the prospective purchaser. Co-ops will use the information to determine whether or not they wish to interview you and subsequently approve your purchase.
Now you may be asking “Why does a condo need this same kind information?” Condos still have the power to request information about you before issuing the waiver of their right of first refusal.
The components of the application will vary from building to building, but normally it includes the following:
After reading this, you might be saying to yourself, “This is a LOT of stuff! How long do I have to prepare it all???” Your contract will determine how long you have to prepare the purchase application, but most require buyers to submit the application within 30 days of a fully executed contract or within 3 to 5 business days of receiving a commitment letter, if financing is being obtained.
The process can seem a bit daunting, but a good agent will be there to help you put it all together to present the best picture possible of you to the co-op or condo board.
Have more questions about buying in a co-op or condo? Feel free to reach out to me. I’m always happy to help!
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