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Coop Board Requirements - What Do Coop Boards Ask For?
 What Do Co-op Boards Ask For - Require?

A: Detailed personal and financial information. If you're a first time buyer of a coop below is the typical information and documents required to be submitted with a coop board package. All coop purchasers (except sponsor sales) are required to submit a board package. The board will review the package, if it looks in order they will schedule an interview with purchaser.
A Co-op board will require complete financial disclosure. They will look into your financial history, current and past income, assets, liabilities and references when evaluating your board package.
The following documents are required for most Co-op boards.
Completed Purchase Application
Contract of Sale
Credit Check Authorization
Financial Condition and History Last 2 Years Federal Tax Returns w/ W2's  (some buildings require 3 years) Statement of Financial Condition  Net Worth (All Assets & Liabilities) Signed Copies of Bank Statements (Last three Months) Proof of Assets  (Bank, brokerage statements verifying information in purchase application, real estate deed, title or stock certficate. Current Salary (3) Three pay stubs References Up to 5 Personal References Up to 3 Business References Employer verification letter stating position, salary, & length of employment. Letter from Bank confirming ... more

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