Timeline for Selling a Co-op

January 22, 2015

(1 day)
The buyer and seller agree to a sales price.

Contract Of Sale Prepared
(1 to 3 days)
The seller’s attorney prepares the contract, and the buyer’s attorney receives contract.

Legal Due Diligence
(1 to 5 days)
The buyer’s attorney reviews the minutes of the board, building financials, and the offering plan w/ amendments.

Contract Of Sale Signed
(1 day)
The contract of sale is fully executed once signed by both the buyer and the seller.  A 10% deposit is submitted with the signed contract – not to be confused with the down payment amount balance due at closing.

Board Package Preparation
(1 week)
The buyer thoroughly and accurately completes all of the paper work, gathers supporting financial statements, and required documentation.  Obtains financing if applicable.

Board Package Submission
(1 to 2 days)
The board package is sent to the listing agent for review.  If there are no changes to be made it is submitted to the building management company with any required fees.

Board Package Processing
(1 to 4 weeks)
The board package is processed by the building management company.  All requirements must be met or the package will not be reviewed.

Board Package Distribution
(1 to 4 weeks)
The board package is sent to the co-op board by building management company.

Co-op Board Interview
(1 to 2 days)
he prospective buyer is invited for an interview. Approval or rejection is usually received either the next day or within 48 hours.

Closing (1 week)
Go to the closing.