A. I always tell my sellers and buyers to be prepared to go to contract as soon as an offer is accepted. Sellers, you should have your co-op/condo’s offering plan, sometimes called the prospectus. This is a thick book detailing the aspects of the corporation formed at the time the building became a co-op/condo, as well as details about the building.
In addition, you will need the amendments associated with the offering plan, plus the last two years of financials for the co-op/condo. Finally, you should have a copy of the board application.
Some condos don’t require an application process, but more and more are starting to institute it. All of these items can be obtained from the managing agent.
If you need an offering plan and the management doesn’t have it on hand, it may have to be printed, which could delay your contract by several days. This is why it is a good idea to have it available ahead of time.
One final note: If you find yourself in a bind for an offering plan, you could also ask for a digital version. Most lawyers will accept this now.
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