Top 10 Things NOT To Do When Applying To A Co-op Board

Top 10 Things NOT To Do When Applying To A Co-op Board

1.         Leave information out or leave blanks on form uncompleted. If inapplicable, offer an explanation with a note attached to the application. Such as, no rental history because you are living with your parents at the time. No problem--we’ve all been there at one time.

2.         Submit the application package whenever you get around to it. The Contract of Sale that you signed has specific time frames by which the entire application must be submitted.

3.         Submit it directly to the managing agent. It is usually a prudent idea for the Listing agent to review it before it is submitted to the managing agent as long as you comply with #2 above. At Exit Kingdom Realty we have a closing coordinator who can help in reviewing your entire purchase application before submitting it to management. She can assist with sample letters of reference, answering many questions about the process and direct you to appropriate parties as needed. 

4.         Lie or misrepresent anything on the application. Believe it or not, we have had clients who tweaked their 1040 tax returns.  Besides the obvious criminal consequences, such fraud will almost certainly give the Seller the right to retain your down payment. This includes income, assets, intended occupants and pets. Better to be truthful and declined that forfeit your deposit. 

5.         Other than your pet hamster, turtle or goldfish, do not lie to the board regarding your intention to harbor your cat or dog. Most boards have no problems with cats, but only certain boards are dog friendly. We are not all Nassau County District Attorneys. 

6.         Assume you can become a co-owner with no intention of living in the Unit. Some co-ops have an objection to a non-occupant parent or child on title. There are only a few co-ops that allow non-occupant owners. Check with your Listing agent or attorney.

7.         Talk incessantly at the board interview as if these are your oldest and dearest friends. Polite and concise are the rules of the road. Do not offer more information than is being asked of you and be on time.

8.         Become angry or hurt by being asked questions of a private nature. You are applying to being admitted to an exclusive housing corporation. Absent discrimination, Boards have a great deal of latitude about the questions they ask.

9.         Expect or ask for a decision at the end of the meeting. The majority of boards will let you know their decision within a week after the interview.  It is acceptable to ask: "What is the next step and when should I expect to hear?" 

10.      Forget that the board liked your application or else you wouldn’t have been invited to the interview. Be on time make sure you know the exact address of where to go and SMILE, you are about to purchase a new home!

Compiled with Real Estate Attorney Robert Kaplan, P.C.

www.kaplanrealestatelaw.com

Erica Rose Siegel CBR
     EXIT Kingdom Realty 


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