5 Steps you have to do before selling your apartment:
posted by Thomas Demsker1) Find out account manager for the building (manages the building). You want their name, phone number and most importantly email address. It is usually easier to get responses via email.
2) Find out transfer agent for the building (handles the sales process/closings for building). You want their name, phone number and most importantly email address. It is usually easier to get responses via email.
3) Offering plan – what you received when you purchased (formation of coop or condo – big book), otherwise you will have to purchase from the managing agent. It will cost anywhere from $150 - $400 so check if you have it in your possession. If not ask how much your building charges and buy it ASAP.
4) Financials of building – every year they send you a copy. You can just ask the management contacts above for the previous 2 years of building financials. Best to have a 2 year run for buyer’s attorney.
5) Then ask these questions to both the transfer agent and account executive via email:
a) Are there any current assessments?
b) Any Future assessments planned?
c) Pied a terres allowed? (coops only)
d) Pets allowed?
e) Gifting allowed? (coops only)
f) Co purchasing allowed? (coops only)
g) Parents buying with non-working children? (coops only)
h) Sublet policy? (coops only)
i) Any exterior work planned – pointing or the like?
j) Maintenance History for past 2 years? (condos = common charges)
k) Future maintenance increase? (condos = common charges)
l) Flip tax? (coops only)
m) W/D allowed in apartments?
n) Debt to Income ratio – what the board is looking for in a buyer? (coop only)
o) Liquid cash board requires after Down Payment and closing costs? (coop only)