Co-op board approval
 

When putting in an application to a co-op for board approval, I have
seen one of the requirements as being the actual contract of sale.
Does this contract of sale need to be signed?

I am interested in knowing since a signed contract would require that I
pay up legal fees before hand, and could present a downside risk on
making the purchase since if the board does not allow the approval to
go through, then legal fees consumate the loss on the deal.

Does anyone have any information on this and/or perhaps any pointers to
tips on how the whole purchase/sale process works, specifically with
co-ops.

On 19 Dec 2004 11:20:33 -0800, someone wrote:

When putting in an application to a co-op for board approval, I have
seen one of the requirements as being the actual contract of sale.
Does this contract of sale need to be signed?

Well, its not an "actual" contract between the buyer and the seller
unless its been signed, so technically you've answered your own
question. Until its been signed its just a 'proposed' contract, not
an actual one.

This is a question rare outside of New York City, as in other parts of
the US condominiums are much more commonn that cooperatives.

In life in general, incurring legal fees on failed deals is not at all
uncommon, so that would just be too damn bad if it didn't go thru. Oh
well. You pays yer money and you takes yer chances. There is no
complete safety of assurance in the world.




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