Selling Coop (you are the seller)

  1. Seller signs commission / agency agreement with real estate broker unless you sell the coop by yourself without using a real estate agent;
  2. Seller retains an real estate Attorney after having a potential buyer;
  3. Seller’s Attorney prepares contract and sends to Buyer’s Attorney for review;
  4. Seller’s Attorney receives four copies of the contract with down-payment deposit (usually 10% of the contract price) from Buyer’s Attorney and deposits into Attorney’s escrow account;
  5. Seller signs the contract with his/ her attorney and two copies of the executed contract of sales will be delivered back to buyer’s attorney; Contract is formed;
  6. Seller, through his attorney, after receiving loan commitment letter (if there is a mortgage contingency clause under the contract) and lien search report, shall:
  7. Clear any problem in the lien search report, if any;
  8. Order payoff letter from current mortgage bank, if any;
  9. Contact coop attorney about closing instruction/fees for Seller;
  10. Prepare transfer forms;
  11. Provide lists of check cutting to Buyer’s attorney;
  12. Schedule the payoff bank in surrendering the original stock and proprietary lease with UCC-3 form, if there is an existing mortgage;
  13. Provide a final inspection chance to buyer prior to closing;
  14. Closing. Seller shall be present at the closing table;
  15. On the scheduled time, all the parties whose names are on the stock / contract shall attend the closing unless a proper POA (Power Of Attorney) is used at closing;
  16. With proper ID;
  17. Bring with original stock certificate and proprietary lease, if not hold by the bank;
  18. Do adjustment on maintenance charges, etc.
  19. Deliver the keys and provide other information such as utility companies, cable / TV providers, etc. to the purchaser;
  20. Sign the documents which may include stock surrendering / transfer, ACRIS forms, pay transfer taxes and fees as required;  and
  21. Receive your final balance payment from the Purchaser.