Board Approval
The Board must give its approval for the financing or refinancing of any apartment.
Amount You May Finance
In 2008, the board voted to increase permissible financing of an apartment to 80% of the purchase price.
Approval Guidelines
In 1997 the board voted that if your new mortgage payment is lower than your old mortgage payment, or your new mortgage loan is not more than your old mortgage loan, the board will generally OK your request. To receive approval, please fax the managing agent the following:
However, if any tenant is in violation of any rules of the cooperative, the board will not allow the tenant in violation to finance/refinance an apartment.
Transfer Agent Fees
In January , 2000 the board voted unanimously to hire the Schechter and Brucker law firm as transfer agent. In other words, they will handle all the closings, shareholder mortgage financing, refinancing, etc. From now on, all sales closings will be at Schechter and Brucker's office in the Empire State Building (350 Fifth Avenue), suite 4510. Andrew Brucker's phone is 212-244 6600, fax 212-244-6784. Fees (payable to Schechter and Brucker) for Aztec forms will be $300. The co-op earns no revenue from any of these fees paid to the law firm. These fees are subject to change at any time, so please consult the transfer agent for their current fees.
Aztech Forms
Aztech forms are another term for the "recognition agreement". This is a contract between a mortgage borrower, the lender for the apartment, and the co-op that requires the co-op to inform the lender if the borrower defaults on his/her obligations to the co-op. The transfer agent has power of attorney to sign Aztech forms, so Aztech forms should be not be given to board members or the managing agent.Appraisal Forms and Questionnaires
Most lenders require an appraisal form completed by an authority familiar with the building. The Managing Agent charges a fee for these forms to be completed. If your form is filled out and signed by any current board member, there is no charge. Go to the FAQs section of the website for the information required.
Financial Statements Required
Any shareholder who wants to refinance an apartment or purchase another apartment, can avoid submitting financial statements to the board, if he/she either
a. has paid all financial obligations to the co-op on time for the most recent 36 months, or
b. has submitted financial statements to the co-op within the most recent 36 months and paid all obligations to the co-op on time during that period
This rule was adopted unanimously because board members felt that further scrutiny under these circumstances is unnecessary.