Tip #15: Board Application Documents

Board Application documents

If you are purchasing a Co-op in Manhattan or Brooklyn, a very comprehensive board package will need to be prepared when submitting your application to the board.

Alternatively, if you are purchasing in a Condo, certain documentation will need to be presented, but the process will not be as thorough.

When presenting a board package, the following documents may be required:

1. Cover Letter – A Broker will write a snapshot of your profile and highlight your qualifications, including the reason you should obtain board approval
2. Board Application – The actual application must be filled out. This includes your basic information and other personal details
3. Financial Statement – Your assets and liabilities must be displayed
4. Contract of Sale – A fully executed contract of sale must be provided
5. Tax Returns – Typically two years of tax returns are required
6. Bank Statements – Your previous two or three months of bank statements will be required
7. 401K Statements – If you have a 401k, the full documentation of your plan will been to be presented
8. Life Insurance Policy – The terms and actual statement must be provided if you have a life insurance policy or some form of term insurance
9. Mortgage Documents – These include Aztec forms and other documentation
10. Reference Letters – Personal and professional reference letters may be required
11. Identification – A passport photo or drivers license ID may be included with the board package
12. Credit Report – The Management Company will ask for your authorization to run a credit report on your behalf

A board package can range between 75 – 125 pages depending on the documentation the purchaser has to provide.

The presentation must be in an organized binder with various sections and divider tabs. Multiple copies may need to be presented.

It is critical that the Broker representing you prepare the board package in the most professional and efficient manner. The sections need to be in accordance with the Management Company requirements and they should be followed in step.

For this reason, it is important to choose your Broker wisely. Someone that has experience and sharp intellect should be chosen because we do not want the package to fail the boards approval. Often times, Buyers work with a friend, family member or other contact, but fail to realize it is highly important to have the right person for the job in order to protect your investment.

If you are looking for additional information on board package requirements or documentation, please contact us at garayrealestate@gmail.com