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  • Condo closing documents

    What do condo closing documents look like? I'm talking about the official documents that are sent over by the managing agent or condo board once the board has waived its right of first refusal.

    I know there's usually a power of attorney document that the buyer must sign, that gives power to the building to make decisions on the unit owner's behalf. Can someone share a sample or template? A right of first refusal waiver, as well as a unit owner's power of attorney legal form.

    Thank you.

  • #2
    Hi, Condo Closing Documents looks like this.


    RT Management
    1540 Hardman Road Essex Junction, VT 05452 p (802) 769-9201
    www.rtmanagement.com
    Via Email: rtmgt@aol.com
    October 22, 2019
    SJ Yüan Attoney at 937 Spinnaker Lane, Sycamore, IL 60178

    Dear Mr. Sun: Enclosed are the following documents with regard to the sale of the above reference unit:
    1. Certificate of Waiver of Right of First Refusal
    2. Condominium’s Power of Attorney Form. This form should be executed by the new owners, recorded by the title company with the City and returned to the condominium.
    Please contact us once a closing date has been set so that we can note it accordingly and issue a common charge letter. All common charges must be paid in full prior to setting a closing date.
    Should you have any questions or concerns, please contact the undersigned at (815) 746-0340.

    Sincerely,

    ——
    Emma Velasquez
    Closing Agent

    CERTIFICATE OF WAIVER OF RIGHT OF FIRST REFUSAL - SALE
    RESIDENTIAL UNIT : 623 Third Avenue, Apt. 1D
    UNIT OWNER : Un Ja Song and Hyunjung Kim
    PROSPECTIVE BUYER : Melissa Mao

    With respect to the proposed Sale of Residential unit at The Ruppert Yorkville Towers Condominium, please be advised that the right of first refusal set forth in the By-Laws of said Condominium to purchase such Unit on the same terms offered to said Prospective Buyer, has been duly waived by the Residential Board of Managers of said Condominium and as a result thereof, the rights of the Residential Board of Managers under said By-Laws have been waived with respect to this proposed sale of the above mentioned Residential Unit, in accordance with, and subject to, the provisions of said By-Laws.

    Nothing herein contained shall be constructed as a waiver, modification or termination of any other rights of the Residential Board of Managers of The Ruppert Yorkville Towers Condominium under the Declaration or By-Laws of said Condominium.

    RESIDENTIAL BOARD OF MANAGERS
    THE RUPPERT YORKVILLE TOWERS CONDOMINIUM
    By: _________________
    Authorized Officer
    Date: 10/22/2019
    UNIT OWNER'S POWER OF ATTORNEY
    The Ruppert Yorkville Towers Condominium

    All terms used in this Unit Owners Power of Attomey that are used (a) in the declaration (the “Declaration") establishing a plan for condominium ownership of the ‘premises known as and by the street number 1601/1619 Third Avenue and 1623/1641 Third Avenue, New York, New York (the "Property") under Article 9-B of the Real Property Law of the State of New York, dated , 200_, and recorded in the Office of the Register of the City of New York, County of New York, on , 2019, in Reel ,Page _, or (b) in the bylaws of the Condominium (the "By-Laws") attached to, and recorded together with, the Declaration, shall have the same meanings in this Power of Attomey as in the Declaration or the By-Laws.

    The undersigned , (having an office) (residing) at , the owner of the Residential Condominium Unit (the "Undersigned's Unit") known as Unit No. __ at the street address Third Avenue, New York, New York in The Ruppert Yorkville Towers Condominium (the "“Condominium’), known bythe street address as 1601/1619 Third Avenue and 1623/1641 Third Avenue, New York, New York and consisting of the real property and improvements thereon as more particularly described on Schedule A annexed hereto and made a part hereof, such Unit being also designated as Tax Lot ___ in Block of the Borough of Manhattan on the Tax Map of the Real Property Assessment Department of the City of New York and on the Floor Plans, (does)(do)* hereby irrevocably nominate, constitute and appoint the persons who may from time to time constitute the Condominium Board, tue and lawful attorneys-in-fact for the undersigned, coupled with an interest, with power of substitution, in their own names, as members of the Condominium Board or in the name of their designee (corporate or otherwise), on behalf of all Unit Owners, in accordance with the Unit Owners' respective Common Interests, subject to the provisions of the By-Laws then in effect, (1)(a) to acquire or lease any Unit, together with its Appurtenant Interests, from any Unit Owner so desiring to sell, convey, transfer, assign or lease, (b) to acquire any Unit, together with its Appurtenant Interests, whose owner elects to surrender such Unit pursuant to the terms of Article V, Section 7 of the By-Laws, and (c) to acquire any Unit, together with its Appurtenant Interests, that becomes the subject of a foreclosure or other similar sale, on such terms and, with respect to any transfer pursuant to the terms of subdivision (1)(a) or (1)(c) of this paragraph at such price or at such rental, as the case may be, as such attorneys-in-fact deem proper, and thereafter to convey, sell, Jease, mortgage or otherwise deal with (but not vote the interest appurtenant to) any such Unit SO acquired by them, on such terms as such attomeys-in-fact may determine, granting to such attorneys-in-fact the power to do all things in such premises which the undersigned couid do if the undersigned were personally present, and (2) to execute, acknowledge and deliver (a) any declaration or other instrument affecting the Condominium that the Condominium Board deems necessary or appropriate to comply with any law, ordinance,
    “Delete inapplicable parenthetical(s). regulation, zoning resolution or requirement of the New York City Department of Buildings, the City Planning Commission, the Board of Standards and Appeals, or any other Governmental Authority, applicable to the maintenance, demolition, construction, alteration, repair or restoration of the Property or (b) any consent, covenant, restriction, easement or declaration, or any amendment thereto, affecting the Condominium or the Property (including, without limitation, the Common Elements), that the Condominium
    Board deems necessary or appropriate.
    The acts of a majority of such persons constituting the Condominium Board, from time to time, shall constitute the acts of said attorneys-in-fact.
    The undersigned (does)(do) hereby irrevocably nominate, constitute and appoint Yorkville Towers Associates, Limited Partnership (the “Sponsor’), each Sponsor Successor and each Commercial Unit Owner, as the undersigned's true and lawful attorneys-in-fact for the undersigned, coupled with an interest, with full power of substitution, acting
    severally, to:
    1. to execute, acknowledge and deliver any application, declaration, document or other instrument affecting the Condominium that Declarant deems necessary or appropriate’ to comply with any law, zoning resolution, or requirement of the Department of Buildings, or any other Governmental Authority applicable to the rehabilitation, maintenance, demolition, alteration, restoration, or repair of the Property or any part thereof; and
    2. amend from time to time the Declaration, By-Laws and the Rules and Regulations of the Condominium, or any of such documents, when such amendment (i) shall be required to reflect any changes in the Commercial Units or the Unsold Residential Units and/or the reapportionment of the Common Interests of the affected Commercial Units or Unsold Residential Units resulting therefrom, as the case may be, made by Sponsor, any Sponsor Successor or any Commercial Unit Owner in accordance with the Declaration and By-laws (including without limitation under Sections 9 and 11 of the Declaration), (ii) shall, under the terms of the Declaration and/or By- laws, be permitted to be filed by Sponsor, a Sponsor Successor of 4 Commercial Unit Owner without the consent of the undersigned or that of the Condominium Board or (iii) will be required by (A) an Institutional Lender designated by Sponsor to make a mortgage loan secured by a morigage on any Unit, (B) any governmental agency having regulatory jurisdiction over the Condominium, or (C) any title insurance company selected by Sponsor to insure title to any Unit; provided, however, that any amendment made pursuant to the terms of subdivisions (i) , (ii) or (iii) of this paragraph will not (x) change the Common Interest of the undersigned's Unit, (y) require 4 material, physical modification to the undersigned's Unit, or (z) adversely affect the priority or validity of the lien of any purchase money mortgage of any mortgage held by an Institutional Lender covering the undersigned's Un unless the undersigned (in the event described in subdivisions (x) of (y)°. Delete inapplicable parenthetical(s). this paragraph) or the holder of such mortgage (in the event described in (z) of this paragraph) shall consent thereto by joining in the execution of such amendment. The terms, covenants and conditions contained in, and the powers granted pursuant to, this paragraph will remain in full force and effect until (1) in the case of powers granted to Sponsor or a Sponsor Successor, the later of () such time as no Sponsor or Sponsor Successor owns any: Units in the Condominium and (ii) there shall cease to be any Unsold Residential Units in the Condominium and (2) in the case of powers granted to a Commercial Unit Owner, there shall cease to be any Commercial Units in the Condominium.
    IN WITNESS WHEREOF, the undersigned (has) (have)* executed this Unit Owner's Power of Attorney as of the 22nd day, 2019.

    On the day of in the year 2019, before me, the undersigned, a Notary Public in and for said: State, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

    ____________________
    Notary Public

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