Example cooperative sales application in NYC

[aslan]

This is a very reasonable example of a coop board package purchase application. Note that they only ask for one original and one copy. That's amazing considering some co-ops ask for 9 or more copies of the entire board package. That's quite a few trees killed.

Dear Shareholder(s):

In response to your request for consent of the Board of Directors to the proposed sale of your apartment please be advised that the Board of Directors requires that certain personal and financial information about prospective purchasers be provided for their consideration. A completed Board package must be submitted before an interview will be granted.

Please submit one (1) original and one (1) copy of the Board package to Cooperative Management Corp. The package includes the following information and requirements:

- Purchase application (one application per purchaser)
- Financial statements
- Two most recent years Income Tax Returns, including all schedules-even schedules that need not be filed, e.g.,K-1.
- Copy of the signed contract of sale
- Two (2) letters of reference per purchaser, one personal and one business
- One (1) bank reference letter
- Employment verification letter from employer stating position, salary, (specifying base, bonus and any other compensation) and length of employment
- Window guard form.
- Lead Paint disclosure form signed by both seller and purchaser
- Sprinkler Disclosure Lease Rider
- Disclosure of Bedbug Infestation
- A check for $350.00 payable to Cooperative Management Corp. to process application
- A check for $75.00 per applicant payable to Cooperative Management Corp. to cover the cost of a credit inquiry

If bank financing, please submit:

- Mortgage application
- Mortgage loan commitment letter
- A copy of Recognition Agreements

In addition, the following documents are enclosed for the purchaser’s information:

-House Rules
-Sublet Policy

After the application is received and verified, the application will be submitted to the Board of Directors for its review. The Board of Directors may require additional information before it decides whether to schedule an interview. After the Board has reviewed the application (and any additional information, if applicable), and if it wishes to take the next step in the review process, a personal interview between the Board and the prospective purchaser(s) will be scheduled. Other persons who will reside in the apartment may also be required to appear at this interview.

At the closing, the seller is responsible for the following fees:

- Transfer Fee of $750.00 to cover the cost of conducting the closing, payable to Cooperative Management Corp.
- Move out deposit of $1,000.00 payable to the Cooperative Corporation Inc.

At the closing, the purchaser is responsible for the following fees:

- Fee of $150.00, if there is bank financing, to cover the cost of processing recognition agreements payable to Cooperative Management Corp.
- Move in deposit of $1,000.00 payable to Cooperative Corporation Inc.

Please feel free to contact this office at (212) 250-8975 if you have any questions concerning the procedures and requirements set forth in this letter.

[aslan]

PURCHASE APPLICATION
Note: One application must be completed for each purchaser.

Date: _______________________________
Applicant's Name: __________________________________ Social Security Number: _________
Date of Birth: ________________________________
(Name or names must be entered above in the way that they are to appear on the Stock Certificate and other documents.)
Applicant's attorney: ________________________________ Phone number: _____________
Attorney's firm and address: __________________________________________________ ________
Seller(s) name(s): ____________________________
Seller(s) address: _________________________________ Phone number: _____________
Seller's attorney: ________________________________ Phone number: _____________
Attorney's firm and address: __________________________________________________ ________
Broker's name: _________________________________________________
Broker's firm and address: _______________________________ Phone: number: __________
Requested Closing Date and Time: __________________________________
Requested Date of Possession: _____________________
The undersigned hereby offers to purchase _________ shares of capital stock of Cooperative Corporation Inc., and the accompanying proprietary lease for Apartment _______ in the building located at 111 10th Street, New York, New York , on the following terms and conditions:
Purchase Price of stock: $____________
Present monthly maintenance: $____________
Down payment: $_______________
Financing: Yes_____ No_____ Amount: $______________
Bank: __________________________________________________ ___________
Special conditions, if any: __________________________________________________ ____

The undersigned has completed the applicant information sheet(s) and financial statements attached, intending for Cooperative Corporation Inc. to rely upon them, and understands that the accuracy of this information is essential in considering this application. Inaccurate or incorrect information on this application may be grounds for rejection of the application. It is further understood that this application, when signed by the undersigned, is subject to approval by Cooperative Corporation Inc. and to the Terms and Conditions at the end of the Purchase Application hereof.

Fair Credit Reporting. A Consumer or an investigative consumer report may be requested in connection with this application to purchase an apartment. Subsequent similar reports may be requested or utilized in connection with an update, renewal or extension of this application. Upon request, applicant will be informed whether a consumer report or an investigative consumer report was requested, and if such report was requested, informed of the name and address of the consumer reporting agency that furnished the report. In submitting this application applicant authorizes and permits owner/agent to request, receive and investigate consumer report. Please be advised that in the event applicant enters into a lease with owner/agent, owner/agent may request additional credit reports for a period of not more than five years after applicant vacates the apartment.

I hereby certify that the statements made in this application have been examined by me and are true, correct and complete to the best of my knowledge. I have no objection to the inquiries to be made in the future for the purpose of verifying the facts herein stated or determining the qualifications of my application.

__________________________________
Signature of Applicant

______________________
Date

[aslan]

PURCHASE APPLICANT INFORMATION
Note: One information sheet must be completed for each purchaser.

Applicant Name: ______________________________________________
Current Address: ______________________________________________
Current Telephone: ________________
Employer: ________________________ Position: _____________________
Supervisor: ________________________ Salary: ______________________
Business Address: ________________________ Telephone: ____________________
Length of Employment: ________________________ Other Income: __________________
If at current employment less than one year, please provide the name of your previous employer, address, telephone number, position, and length of employment:
__________________________________________________ ____________________________
Additional employment information: _______________________________________________
Names of all persons who will reside in the apartment (if children, state names and their ages):
__________________________________________________ ____________________________
Names of all clubs and society memberships, fraternities, and honorary societies to which applicant belongs:
__________________________________________________ ____________________________
Schools and colleges attended by applicant:
__________________________________________________ ____________________________
Does applicant wish to maintain any pets, and if so, please specify:
__________________________________________________ ___________________________________
Residents of Cooperative Corporation Inc. known by the applicant: ________________________________________

REFERENCES

I. FINANCIAL

A. Bank: __________________________________________________
Address:__________________________________________ ________
Checking/Savings Account Number:_____________________________
B. Bank: __________________________________________________
Address:__________________________________________ ________
Checking/Savings Account Number:_____________________________
C. Stockbroker or Investment Company, if any: _________________________________
Address: _________________________________________ Telephone:___________
D. For information regarding other sources of income, contact CPA or other financial professional:
_________________________________________________
Address: _________________________________________ Telephone: ________

II. PRESENT RESIDENCE

Present Landlord or Agent: _____________________________ Telephone: _________
Address: __________________________________________________ _________________
Length of occupancy: ________________________
Monthly Rental or Mortgage and Maintenance: _____________________________
Previous Landlord or Agent if at current residence less than 5 years: _______________________
____________________________________________ Telephone: __________________
Address: __________________________________________________ _________________
Length of occupancy: ________________________
Monthly Rental or Mortgage and Maintenance: _____________________________

III. BUSINESS

1. Name: ____________________________________
Address:_____________________________________
Relationship to applicant:________________________
IV. PERSONAL
1. Name: ____________________________________
Address:_____________________________________
_____________________________________
Relationship to applicant:________________________
Special Remarks (please attach any additional information which may be pertinent):
__________________________________________________ ___________________________________

TERMS AND CONDITIONS

1. Cooperative Management Corp. is acting as agent for Cooperative Corporation Inc. and is to have no liability to the Seller or Purchaser concerning any act or failure to act on the part of Cooperative Corporation Inc. in connection with this application or in connection with any sale contemplated herein.
2. This application must be accompanied by a check in the amount of $75.00 payable to Cooperative Management Corp. to cover the cost of a credit report.

PURCHASER FINANCIAL STATEMENTS

__________________________________________ (purchaser/s) state/s the following:

I(we) submit herewith a true statement of my(our) assets, liabilities, and current net income. I(we) make this statement in order to induce the Board of Directors of Cooperative Corporation Inc. to approve the following:

(1) The transfer to _____________________________________ (purchaser name/s) of _________ shares of stock of said Corporation now owned by __________________________________________ (name/s of seller/s) and the assignment to me(us) of the lease of Apartment _________________ at Cooperative Corporation Inc., New York, New York .
(2) The borrowing by me(us) of $______________________ on the security of Cooperative Corporation Inc., which is or hereafter will be owned by me(us).

For the purpose of purchasing shares from the above-named Corporation, or its assigns, the following statements and details pertaining thereto, both printed and written, have been carefully read and the undersigned hereby solemnly declares that the same is a true and accurate exhibit of my(our) financial information.

________________________________
Signature of Purchaser

Date: _______________________

Note: One financial statement must be submitted for each purchaser, or if all assets/liabilities are jointly held, then one financial statement may be submitted.

[aslan]

PURCHASER FINANCIAL STATEMENTS

Instructions: Fill in all blanks. Write None or N/A (not applicable) where necessary to complete information.

ASSETS
Cash in banks, S&L’s, etc
Earnest money deposited (down payment)
Investments - See Schedule A for details
Accounts/notes receivable
Real estate owned - See Schedule B for details
Automobiles (year: make:
Personal property and furniture
Life insurance (cash surrender value)
Other assets - itemize
TOTAL ASSETS
LIABILITIES
Notes payable to banks, relatives, others
See Schedule C
Installment accounts payable - automobile
Installment accounts payable - other
Mortgages payable on real estate - See Schedule B
Unpaid real estate taxes
Chattel mortgage
Loans
Other debts - itemize
TOTAL LIABILITIES
NET WORTH (Assets minus Liabilities)


Schedule A - Bonds, Stocks, and Funds

Description | Amount Market | Market Value | Liquid Estimated Worth

Schedule B - Real Estate Owned

Description & Location | Cost | Market Value | Mortgage Amount | Maturity Date | Rental Income

Schedule C - Notes Payable
Note: Specify any assets pledged as collateral, indicating the liabilities they secure

Assets to Whom Payable | Date | Maturity Date | Amount | Interest | Pledged


Source of Income

Base salary
Overtime Wages
Bonus
Other Income - Itemize
TOTAL INCOME

Contingent Liabilities
As endorser or co-maker on notes
Alimony Payments
Are you a defendant in any legal action?
Are there any unsatisfied judgements?
Have you ever filed for bankruptcy
Please explain “yes” responses to any of the above three questions.