How to Complete a NYC Co-op Assumption of Alteration Agreement

You’ll likely need to complete an Assumption of Alteration Agreement as part of your co-op board package if you’re buying an apartment in New York City.

What is this document and why is it required?

An Assumption of Alteration Agreement confirms that the buyer agrees to take responsibility for any prior renovations that were approved under an alteration agreement between the seller and the co-op corporation.

Follow Hauseit’s step-by-step guide on how to complete a NYC co-op Assumption of Alteration Agreement when submitting your co-op board package. And remember – if you’re buying in NYC, you can save 2% or more with a buyer agent commission rebate from Hauseit.”

The co-op Assumption of Alteration Agreement typically contains seven blanks. Here how to complete each field:

1. Estimated Closing Date: Enter the anticipated closing date listed in the purchase contract.

2. Buyer Name(s): List the full legal name(s) of the purchaser(s) taking title to the shares, as listed in the purchase contract.

3. Seller Name(s): List the full legal name(s) of the current shareholder(s) transferring ownership.

4. Name of Co-op Corporation: Enter the official name of the co-op corporation as it appears on the purchase contract.

5. Apartment Number: Specify the unit number of the co-op you’re buying.

6. Co-op Street Address: Enter the street address of the co-op building.

7. Estimated Closing Date: Enter the anticipated closing date (repeat the same date from field #1).