Guidelines When Selling Apartment
The Corporation’s current minimum financial requirement for prospective purchasers are as follows:
For 3 1/2 rooms, 4 1/2 rooms, 5 rooms, duplexes and 6 rooms
1. Annual income must be at least seven (7) times the total of the annual
maintenance charges plus two (2) times your annual mortgage payments,
if any. Additionally, other annual will be deducted from the annual gross salary
and a percentage of assets will be added to the gross salary.
2. Income must be verifiable by Form 1040 Federal and State/City IT-201
income tax returns for the past two years for each applicant. (Employer
W-2 wage forms required).
3. Cooperative loan financing is limited to a maximum of eighty (80 %)
percent of the purchase price.
4. Down payment must be purchaser’s funds. If gifted, funds must be in
their bank account for a minimum of six (6) months.
5. Work history must be verifiable and show stability for each applicant.
A credit and background search may be obtained for each applicant
and a background search may be obtained for anyone who will reside
in the apartment over the age of seventeen (17).
6. The Board of Directors reserves the right to review other assets such
as bank accounts, certificates of deposit, stock certificates, etc. and
perform a bankruptcy check, credit check and a criminal background
check.