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Selling a Coop or Condo?

Selling a condo, like any other “real property” involves several steps to ensure a successful and smooth transaction.  Reach out to us and see how we can help you.

Selling a cooperative (co-op) unit on the other hand involves a specific set of steps and considerations.  

Here’s a general overview of the process:

Co-op Rules and Regulations: Co-ops typically have specific rules and regulations that govern the sale process. Before listing your co-op unit, review the co-op’s bylaws, proprietary lease and any other relevant documents. These guidelines will outline the requirements, restrictions, and procedures you need to follow when selling your co-op.

Hire an Experienced Seller’s Agent: It is very important to enlist a seller’s agent who has experience with co-op sales since they will ensure compliance with co-op rules and help you through the sometimes complicated process.  Not having a specialized agent to help navigate the unique aspects of selling a co-op unit can ultimately cost you money and time. 

TurnKey NY has extensive experience in selling coops and preparing the necessary documentation to get an application approved!

Obtain Board Approval: 

First and foremost, you must offer the purchase of your shares to the cooperative since they likely reserve “the right of first refusal” (which is a clause that gives a prioritized, interested party the right to make the first offer on a purchase before the owner can negotiate with other prospective buyers). 

Secondly, in most co-op sales, prospective buyers need to be approved by the co-op’s board of directors before the sale can proceed. The buyer will typically need to submit an application, financial documents, references, and undergo an interview with the board. 

Proper Pricing: From the beginning, setting the right price is crucial for a successful sale. We will conduct a thorough analysis of recent market sales and consider the unique features of your unit to determine the optimal listing price. Our goal is to strike a balance between maximizing your profit and attracting potential buyers.

Presentation: First impressions matter! We offer expert advice on staging your unit to make it inviting to potential buyers. Our goal is to showcase your unit’s best features so that potential buyers can envision making it their home..

Effective Marketing: We create a multi-faceted marketing campaign to ensure maximum exposure for your unit. This includes professional photography, virtual tours, online advertising, listing on multiple platforms, and leveraging our extensive network of contacts to reach qualified buyers.

Required Documentation: As the seller, you’ll need to provide the buyer with various documents, including the co-op’s financial statements, offering plan, and any other required disclosures. As your seller’s agent we will assist you in gathering and providing these documents.

Closing Process: We will coordinate the closing process with the buyer’s attorney, seller’s attorney, the co-op’s management company, and the lender.

Finalize the Sale: On the closing day, the buyer will provide the funds, and the co-op’s transfer documents will be signed. The buyer will receive shares of stock in the co-op and the proprietary lease, while you’ll receive the proceeds from the sale, minus any agreed-upon expenses or outstanding mortgage balances.

It’s important to note that the specific procedures and requirements for selling a co-op may vary depending on the particular co-op’s rules and regulations. 

We understand the intricacies of co-op sales and can help you find a buyer the board will welcome into the community.

Contact us and let us guide you through the unique aspects of selling a co-op unit.