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Coop Board Package – What is a Board Package?

Posted by hauseit on September 22, 2017
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What is a board package? What did your buyer’s agent mean when he said you should get started on the coop board package? Why is it so feared by buyers and their brokers alike?

Cooperative apartments, often known simply as coops, are unique in requiring prospective purchasers to complete a lengthy purchase application and pass an interview with the coop’s board in order to buy an apartment.

Coop board packages are just as unnecessarily complex as they were thirty years ago, much to the detriment co-op shareholders as witnessed by the subdued property prices of New York City coops vs condos, whose prices have skyrocketed as NYC experiences a new wave of hyper-gentrification in the 21st century.

Coops were originally conceived in the tenements of the Lower East Side by labor unions for their workers, and the interview and application process was meant to filter out those workers who weren’t in the good graces of the unions. Unfortunately, this anachronistic way of living still persists today, and is primarily justified by co-op boards by pointing to their shareholders’ pickiness about who their neighbors are. Or is it simply inertia at work? Perhaps that’s why so many co-ops still demand up to 10 physical hard copies of the coop purchase application to be submitted?

Coop board packages are just as unnecessarily complex as they were thirty years ago, much to the detriment co-op shareholders as witnessed by the subdued property prices of New York City coops vs condos, whose prices have skyrocketed as NYC experiences a new wave of hyper-gentrification in the 21st century. Coops were originally conceived in the tenements of the Lower East Side by labor unions for their workers, and the interview and application process was meant to filter out those workers who weren’t in the good graces of the unions.

Unfortunately, this anachronistic way of living still persists today, and is primarily justified by co-op boards by pointing to their shareholders’ pickiness about who their neighbors are. Or is it simply inertia at work? Perhaps that’s why so many co-ops still demand up to 10 physical hard copies of the coop purchase application to be submitted?

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Coop Board Package Template

APPLICATION FOR PURCHASE | COOPERATIVE

Premises Address:

Unit:                                                                                        Date of Application:

Applicant’s Name:

Social Security Number:                                                 Date of Birth:

Present Home Address:

Telephone:                                                                            E-Mail:

Years at present address:

Current Landlord:                                                             Telephone:

Previous Home Address:

Length of Occupancy:

Previous Landlord:                                                           Telephone:

Employer:                                                                             Telephone:

Position:

Date of Employment:

Annual Salary:

Who can confirm your employment?

Their Position                                                                     Telephone:

Bank:                                                                                      A/C#

Bank:                                                                                      A/C#

Bank:                                                                                      A/C#

The undersigned hereby offers to purchase _______ shares of the capital stock of ____________________________________ and the accompanying proprietary lease for Apartment __________ in the building located at _________________________ on the following terms and conditions:

Purchase Price: $                                                              Deposit: $

Total Cash Down: $

FINANCING (Yes/No):                                                   AMOUNT: $

Special Conditions:

TERMS:

MONTHLY PAYMENT: $

LENDER:

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Coop Board Package Template - Additional Information Requested

INFORMATION REGARDING APPLICANT

Names of all persons who will reside in the apartment and, if children, state number and their approximate ages:

Names of all clubs and society memberships, fraternities and honorary societies to which applicant belongs:

Schools and colleges attended by applicant, co-applicant and children:

Names of all residents in the building known by applicant:

Do you intend to use the premises in any way for business purposes?

If so, explain:

Do you intend to harbor any animals in the premises?

Do you make any claim to any form of diplomatic immunity?

If so, explain:

Please give any additional information which may be pertinent or useful:

In case of emergency contact:

Name:
Work Phone:
Home Phone:
Relation:

The undersigned has filled out the information sheet below and understands that this information is essential in considering this application. _________________________________ and its agents are hereby authorized by the undersigned to perform a credit check upon each applicant and perform a search of each applicant’s public records. The undersigned agrees that such information, including but not limited to the credit check, can and will be forwarded to the Board of Directors of the cooperative corporation to which this application is made.

Dated:
Signature of Purchase Applicant:

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Coop Board Package - Documentation Request

Please include the documentation requested below along with completed Purchase Package via email to ________________. Please also send one hard copy together with an application fee payable to ______________ in the amount of $____, plus $___ per applicant for a credit check. Please – we cannot accept incomplete applications. Interviews are held once monthly on the date of the Board’s meeting. The date of each meeting is determined shortly before.

  • Executed copy of the contract of sale

  • Copy of the commitment letter from the lending institution

  • Statement of net worth or a completed REBNY Financial Statement

  • Copy of the mortgage application

  • Copy of the applicant(s)’s two previous years tax returns

  • Copies of bank statements – at least 2 consecutive months

  • Copies of pay stubs for at least two consecutive pay periods

  • Copy of any brokerage or 401k statements

  • A letter of reference from the applicant(s)’s employer

  • A letter of reference from the applicant(s)’s current landlord

  • Three additional letters of reference.

Coop Board Package - What is a Board Package

Please include the documentation requested below along with completed Purchase Package via email to ________________. Please also send one hard copy together with an application fee payable to ______________ in the amount of $____, plus $___ per applicant for a credit check. Please – we cannot accept incomplete applications. Interviews are held once monthly on the date of the Board’s meeting. The date of each meeting is determined shortly before.

Coop Board Package - What is a Board Package
  • Executed copy of the contract of sale

  • Copy of the commitment letter from the lending institution

  • Statement of net worth or a completed REBNY Financial Statement

  • Copy of the mortgage application

  • Copy of the applicant(s)’s two previous years tax returns

  • Copies of bank statements – at least 2 consecutive months

  • Copies of pay stubs for at least two consecutive pay periods

  • Copy of any brokerage or 401k statements

  • A letter of reference from the applicant(s)’s employer

  • A letter of reference from the applicant(s)’s current landlord

  • Three additional letters of reference.

Disclosure: Hauseit and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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