Assuming that you have retained our Office, for the process of a Cooperative purchase to really to begin and all the steps to a successful purchase to actually occur, a Broker/Seller will be requesting our Office’s details like, name, telephone number, email address, etc. The reason for this is not to necessarily lock you into a deal, but rather that all may know that a “serious” verbal offer has been reached which will then allow the broker to prepare what is known as a “Deal Sheet” or a “Transaction Summary.” This is a non binding document which should not be signed or agreed upon by you but rather sent to the Attorneys. The Transaction Summary/Deal sheet will be listing such information as the names and contact information of the Seller and Purchaser, the Purchase Price, whether the transaction is “all cash”, “contingent” or “non-contingent” upon financing, identification of the Cooperative Unit, the projected Closing Date, the names and contact information of the Attorneys, special items that may be included/excluded from the transaction, etc. As this document is not intended to be binding and assuming all want the deal/transaction to move forward, it becomes essential that this Transaction Summary/Deal Sheet is circulated on an immediate basis. Again, while of course you want all information on the document correct, if it is not the Contract of Sale between the Seller and Purchaser will be modified to so reflect.
More information on purchasing a cooperative in New York City
- The Verbal Offer and the Acceptance- Not a Legal Binding Contract!
- Summary of the Purchase Process- the Four (4) phases
- Cooperative Ownership (Structure of a co-op, advantages and disadvantages of a cooperative)
- Closing Costs for a Purchase of a Cooperative