Congratulations on your client going into contract on a condo or co-op apartment in NYC! At this stage, it’s very important for you to set clear expectations with your client on the overall process and timing for preparing and submitting the board package.
Follow the steps below to initiate the condo and co-op board package process.
If you’re the buyer’s agent or the listing agent (and working with an unrepresented buyer) and the board package process is not electronic/online, we recommend sending the following via email to the purchaser the moment the contract is fully executed:
If, on the other hand, the board package submission process is online (i.e. boardpackager.com), we recommend sending the message below to the purchaser. Please note that in the case of an online submission form, you or the other agent on the deal will need to setup / initiate the online board package.
If you’re the listing agent, please review the board package instructions and check whether or not the seller is required to sign anything. If so, please send these pages to your seller for e-signature as soon as possible.
If the purchaser has a buyer’s agent, please send the signed seller signature pages to this agent (who will be assembling and submitting the package).
There is no reason why this shouldn’t be taken care of within 48 hours of the contract being signed. Do not leave this to the last minute under any circumstances.
If you’re the buyer’s agent, we recommend immediately alerting the listing agent to the pages which require the seller’s signature. Some listing agents can be quite laid back (and in some cases, downright lazy), so please do not assume that the listing agent will be on top of this.
Both the buyer and seller are typically responsible for paying certain fees at the time the application is submitted. The fee amounts and who is responsible for them are typically outlined in the board package instructions.
Please note however that these instructions (and specifically the payment methods) are often outdated.
For example, the application may state certified checks only when in reality building management might accept credit cards.
Therefore, you must email the transfer agent at the managing agent and ask her/him to reconfirm the following:
Who Pays Them
To Whom Each Fee is Payable
Accepted Payment Methods
Get this information in writing so there is no confusion. Once you receive this information, share it with buyer/seller and instruct them to pay the fees immediately. Follow-up with buyer/seller regularly until fees have been paid. Once fees are paid, ask buyer/seller to provide payment confirmation (this will be submitted as part of the board application).
The contact information of the transfer agent is typically listed in the purchase application instructions. If you don’t see it there, ask the seller (or listing agent) to help out.
If the board package is electronic, the procedure for paying fees is much simpler, as the buyer and seller (if applicable) can typically pay via the board package portal.
Board package instructions are often outdated, and in particular due to COVID, in many cases the submission procedures have changed completely. For example, hard copies might not be permitted at all. Never assume that the submission instructions in the application are accurate.
For example, many management companies now accept email submission due to COVID, so it would be a huge waste of time to print several hard copies (which could amount to thousands of pages) and manually submit based on outdated instructions in the application, when we could simply have asked them if email submission is okay?
Please email the transfer agent and ask them to reconfirm:
Submission Procedure (Physical, Electronic, etc.)
Number of Copies (If Hard Copies Required)
Social Security Numbers: Do they need to be redacted?
Original Aztech Recognition Agreements: What is the submission procedure?