• Offering Plan and All Amendments
• Two years' financial statements
• House Rules
• Proprietary Lease, for a cooperative


• Name, Address, Telephone Number and CONTACT PERSON at the Management Company. (Civility wins! Management companies typically hate dealing with lawyers. When a lawyer contacts a management company to review Board Minutes or other documents, if an agent has contacted the management company well in advance that a deal is pending, they are likely to react more quickly to everyone's benefit.
• Get a copy of the fully signed contract to protect your interests in the commission.

• Mortgage Commitment. Help the buyer obtain any necessary documentation from the building and delivery of loan commitment or rejection letter within a specific time frame. Tell prospective purchasers to get pre-approved to speed the process and help them make price decisions.
• Board Application and Approval, for a cooperative. Help Organize and prepare the prospective purchaser.
• Inspection and Final Walk-Through, inspections are typically for condominiums - although also performed for cooperatives. Both should have a walk through.
• Payment Letter, directing payment of proceeds to parties at closing; Board, Mortgage and Liens/Judgments.

• Brokerage Commission: & Usually 6% of the contract price payable by the Seller. Make sure you know who is paying the commission, as either party could be responsible. Typically in new construction or other sponsor sales, the buyer pays the commission.
  
  

• Flip Tax: A percentage of the profit to the Seller on the sale determined by the Offering Plan, Amendments or Board Minutes.
  
  

• New York State Tax $2.00 for every $500 of the purchase price, normally paid by the seller, but not usually in new constructions or sponsor sales. No filing fee.

• New York City Tax:

1% of the purchase price up to $500,000.00.
1.425% of the purchase price over $500,000.00.
An additional 1% for sales over $1,000,000.00
(Mansion Tax).


There is also a$25.00 filing fee.

• Counsel Fees (Buyer and Seller): Prices vary. Typically, both parties bear their own costs, except where there is new construction or a sponsor sale, but each situation may vary.

• Bank Fees. Bank fees to attend a closing vary. Banks picking up funds do not typically charge any fee for attendance, except may charge for UCC filings. Banks giving a mortgage usually require the purchaser to pay attorneys fees and filing fees for UCC Filings.
  
  

• Title Company and Recording Fees.

• Transfer Agent Fees. In cooperative apartment buildings the management company, lawyers for the building or a Board member attends the closing to effect transfer of title in corporate cooperative shares and witnesses the execution of the proprietary lease.

• Maintenance/Common Charge/Tax Apportionment.
  
  

• Foreign Sellers. Foreign sellers are liable to the Internal Revenue Service ("IRS") to pay ten percent (10%) of the purchase price in taxes. A purchaser is directed to withhold 10% of the purchase price at closing and file with the IRS. Non-foreign sellers must file a non-foreign certificate for filing with the IRS.

• Transfer Tax Returns, for New York City and State Taxes as discussed above.


• Smoke Alarm Affidavit


• Lead Paint Disclosure Letter


• Marked-Up Title Report


• Loan Commitment, Promissory Note, Loan Security Agreement, Collateral Assignments


• Maintenance/Common Charge Letter


• FIRPA (Foreign/Non-Foreign Status Affidavit) for Seller


• 1099-S form for Seller


• UCC-3s


• Affidavits of Seller/Purchaser, if necessary


• Fireplace Survival Letter


• Closing Statement

For condominiums and homes:

• Owner's Registration Card,


• Deed


• Power of Attorney, for condominiums or in special cases


• Affidavit in Lieu of Registration Statement, for condominiums


• Waiver of Right of First Refusal, for condominiums

For cooperatives:

• Share Certificate and Stock Power, (and surrender of prior certificate or affidavit of lost certificate)


• Consent of Corporation


• Recognition Agreement


• Proprietary Lease Assignment