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Once
you've selected the Troy Towers apartment you'd like to purchase,
the next step is to make your official purchase offer. Here's a
rundown of the entire process:
TROY
TOWERS PURCHASE PROCESS
Important: Please Read Troy Towers House Rules & Regulations
1.
Fill out an "Offer to Purchase" form.
(Note: Adobe Acrobat required to open this document. For MS Word
version, click here.)
2.
Enclose a good faith deposit check in the amount of $1,000, payable
to "Hudson View Realty Escrow Account."
3.
Deliver immediately to Hudson View Realty, c/o Paula Brown, Troy
Towers, 380 Mountain Rd., Union City, NJ 07087.
4.
Complete a rough draft of the Troy Towers coop Board application
form ("Troy Towers Purchase Application
Form") - Note: Adobe Acrobat
required to open this document. For MS
Word version, which you can type directly into, click here.One copy must be delivered or faxed to Hudson View Realty for preliminary
review before your offer will be accepted by the seller (keep your original). At this
stage, it is not necessary to attach tax returns, pay stubs, bank
statements/account numbers, reference letters. etc. unless advised otherwise.
5.
Once your offer is accepted, you should hire a licensed real estate attorney immediately. The seller's attorney will provide
to your attorney a contract of sale. When your attorney has reviewed and approved the contract, you sign it, and either your attorney
or Hudson View Realty forwards it to the seller or the seller's attorney for counter-signature.
6.
When you sign the contract, your " contract deposit" (usually 10%) is also immediately due.
This is generally held in the seller's attorney's trust (escrow) account until closing, and is credited towards your minimum 20% cash down payment.
7.
Mortgage commitment letter, if applicable, is required before the
final Board application package can be delivered to Troy Towers.
You should apply for a loan commitment immediately upon counter-signature of your contract. Please note: The Troy Towers
Board reviews purchase applications only once per month. The deadline
for having all of the required final documentation and attachments
in final form, notarized and in triplicate, to Hudson View Realty is the last
Monday of the month. HVR will review all documentation for completeness and forward
to Hudson Troy Towers by the last Wednesday, as per their deadline.
8.
Board Admissions Committee interviews are generally the first Wednesday
evening of each month. You will be contacted directly to confirm your appointment.
9.
Allow up to one full week to get official approval.
10.
Upon notification of approval, immediately contact your attorney to start scheduling the closing with the other attorneys and bank(s) involved. Allow one to two additional full weeks to close.
11. In addition to any fees charged by your attorney and your lender, if applicable, Troy Towers charges the following fees payable by the Buyer: $100 Purchase Application fee, $700 coop attorney/stock transfer fee, and (assuming you have furniture to move in via truck): $200 move-in fee. When you move out, there is also a $200 move-out fee.
If
you have any questions, please feel free to call us any time.
- Contact:
Paula Brown
(201) 866-6500
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