SBT – Sales Package


Coop Board – Sales Package Checklist

Please read the Sales Package fully and include all requested documents.

Documents Required: Two (2) fully completed Sales Packages (one original and one copy) including all requested attachments. Documents should be compiled in the exact order below. Either typed or printed legibly in black ink, include all requested attachments.

1. _______ Photo ID for all Applicants

2. _______ Fully Executed Contract of Sale

3. _______ Completed Purchase Application

  •  3 most recent monthly bank statements
  •  3 most recent monthly or quarterly brokerage statements

4. _______ Aztech Form and Commitment Letter

  • Signed by purchaser and lending institution
  • Name and address of lending institution must appear in Para 4 of Aztech agreement

5. _______ Non-Refundable Checks (Certified Check or Money Order – No Personal Checks)

  • $250 payable to Southbridge Towers, Inc.
  • $500 payable to Norris McLaughlin & Marcus (the SBT attorney)
  • $95 payable to Norris McLaughlin & Marcus (for processing the application)

6. _______ Present Employer Letter

  • Annual salary, position held, length of employment
  • If fewer than 3 years in present position, previous employment letter also required

7. _______ Federal and State Income Tax Returns

  • Most recent 3 years (attached to Part APP. XV of the application)

8. _______ Estate Transfer Information (if applicable)

9. _______ Bank / Brokerage Statements per Application Requirements

**Incomplete packages will be retuned without further consideration**


COOPERATIVE PURCHASE APPLICATION

This is a sequentially numbered Application form. The original numbered copy of this form must be submitted for processing, together with one additional copy of this form and two sets of all required attachments and additional papers and documents. The Applicant(s) should keep a copy of the completed form and all attachments and additional papers and documents for the Applicant(s) records. Instructions are on Page APP. II-1


DOCUMENTS TO BE SUBMITTED BY APPLICANTS

The following is a list of the documentation required by the Board of Directors of Southbridge Towers, Inc. (the “Cooperative”) for the purchase of the shares of Cooperative stock allocated to, and the Proprietary Lease for an Apartment. The Applicants must submit two (2) complete sets of all papers required by the Cooperative for submission to the Board of Directors, consisting of one original and one copy of the documents listed below except for items 8 and 9, which are to be attached to the beginning of the original documents set only. All copies must be collated and presented in the exact order set forth below. The Application will not be reviewed nor an appointment made for an interview until all the requested documents are received. There are no exceptions. Please use additional sheets where needed.

1.  Photo-Identification of each of the Applicant(s) for purpose of identification at Apartment visit, interview, and closing (copy of driver’s license or passport or, in the absence of those documents, other photo-identification acceptable to the Cooperative).

2.  Contract of Sale duly executed by both parties.

3.  This Purchase Application and all its components (Parts APP. I through APP. XVI) fully completed and signed with all supporting documents following the appropriate page (For example, financial documents other than income tax returns, should follow Part APP. V).

4.  If financing purchase of Apartment, the signed Commitment from the lending institution and Recognition Agreement in Triplicate (Aztech form only) signed by Purchaser and lending institution. Make sure that the address of the lending institution appears in paragraph 4 of the Aztech Recognition Agreement

5.  A non-refundable check or money order in the amount of $250 payable to Southbridge Towers, Inc. and a non-refundable check or money order in the amount of $500 payable to Norris McLaughlin & Marcus, P.A. as well as a non-refundable check or money order in the amount of $95 per applicant payable to Norris McLaughlin & Marcus, P.A. for the processing of this Application, including obtaining: a consumer credit report and a report of the civil litigation and criminal litigation history on each Applicant and on all other persons 18 years of age or older who will occupy the apartment and a visit to each Applicants present residence with all Applicants living there present; the visit will include taking photographs of the Applicant{s} for identification purposes only. If the inspection of the Applicant’s present residence is outside the five boroughs of New York City, an additional charge may apply and no visit will be conducted until payment of the additional charge has been received.

6.  Present employer’s letter of employment verification for each Applicant stating annual salary, position held and length of employment. In addition, if fewer than three (3) years in present position, employment verifications from all previous employers during the three (3) year period containing the same information.

7.  Complete copies of each Applicant’s federal and state income tax returns for the most recent three (3) years attached to Part APP. XV of this Application and (if employed) W-2 forms, as well as, if applicable, Forms 1099, K-1 and S-Corporation and partnership tax returns, for the most recent three (3) years along with executed IRS Form 4506-T, attached to part App. XVI of this Application, allowing the Cooperative to verify tax information with the IRS.

8.  If the proposed transfer of the Shares and Proprietary Lease is an Estate Transfer, a copy of:

  • The will of the deceased tenant-shareholder
  • Current valid certificates of letters testamentary or letters of administration for the decedent’s estate
  • Such other documentation as the Cooperative and/or its lawyers may require

Notice Regarding Non-English Language Documents: Any document submitted with or in support of this Application that ii in a language other than English must be accompanied by a translation into English, prepared and certified as complete and accurate by a commercial translation service.

When all the above documents are completed, Michael A. Roché will call resale agent, Victoria Kobylevskaya at the Southbridge Towers, Inc., to make an appointment to deliver them to the Office. Do not mail the Application.

After the Application has been processed, it will be submitted to the Board of Directors. An interview with the Admission Committee will be scheduled. All persons 18 years of age or older who are going to live in the Apartment must be present at the interview. After the interview, the applicant(s) will be notified in writing of the Board’s decision.

Only after the Board has approved the Application and the Applicant(s) have-closed on the Apartment, may the Applicant(s) and the other approved occupants take possession of the Apartment. Under no circumstances will the Cooperative make exceptions.


 *For the full SBT Purchase Application Package (aka: Sales Package or Coop Board Package), please contact Michael Roché. 


 
Michael A. Roché
Area New York
Broker of Record
85 Broad Street, 16th Floor
New York, NY 10004
 
Office: (212) 227-8281  |  Mobile: (917) 392-3534
Email: michael@areanyc.com
 
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www.areanyc.com
 

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About the Author: Michael Roché