Guidelines When Selling

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 debt will be deducted from the annual gross salary and a percentage of assets will be added to the gross salary.

2. Cooperative loan financing is limited to a maximum of eighty (80 %) percent of the purchase price.

3. Down payment must be purchaser’s funds. If gifted, funds must be in their bank account for a minimum of six (6) months.

4. 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).

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.