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. Prospective purchaser must qualify on income only.


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


5. For ALL GIFTS, funds must be in purchaser’s bank account for a minimum of

     six (6) months.


6. 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).


7. 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