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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.
If you need financing, first speak with a mortgage lender to obtain a "pre-approval" or "pre-qualification" letter. This is a no-obligation, no-cost document that you can normally get over the telephone, same day if necessary. It is not to be confused with a mortgage "commitment letter," which comes later after a full underwriting process. For lender recommendations familiar with Troy Towers, click here.
2. Fill out an "Offer to Purchase" form.
(Note: Adobe Acrobat required to open this document. For MS Word
version, click here.)
3.
Enclose a good faith deposit check in the amount of $1,000, payable
to "Hudson View Realty Escrow Account."
4.
Deliver immediately to Hudson View Realty, c/o Paula Brown, Troy
Towers, 380 Mountain Rd., Union City, NJ 07087.
5.
Complete a rough draft of the Troy Towers coop Board application
form ("Troy Towers Purchase Application
Form"). One copy must be delivered, emailed or faxed to Hudson View Realty for preliminary
review with the seller before final acceptance and contract is signed (keep your original application for later finalization and duplication). Include whatever documentation you have readily available and start collecting all remaining materials for later coop board submission.
6. Please note that Troy Towers as well as your final lender will run your credit history upon application. We have found it advisable to review your credit report with us prior to signing a purchase contract in order to calculate your official debt to income ratio, as well as identify any errors or issues that may be of concern to the coop board so we can address them in your application. We recommend that you run your own credit report online, with FICO score, and share it confidentially with Hudson View Realty. We will assist you in obtaining it if necessary. Please note that Hudson View Realty is committed to preserving your privacy and such information is kept highly confidential and secure.
7.
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.
8.
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.
9.
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.
10. The Troy Towers
Board reviews purchase applications only once per month. Required interviews are normally scheduled on the second Tuesday of each month. The deadline
for having your final board application package with all of the required final documentation and attachments
in final form, notarized and in triplicate, to Hudson View Realty is two weeks before the second Tuesday. Please see sample timetable for upcoming transactions. HVR will review all documentation for completeness and forward
to Hudson Troy Towers as per their deadline. (Please note: if you are unable to make duplicate copies of your documents, Hudson View Realty can provide scanning, duplication and collating services for an administrative fee of $45).
11.
Board Admissions Committee interviews are generally the second Tuesday
evening of each month. You will be contacted directly by the management office to confirm your appointment. You must be available for this interview or your application will be returned, minus the application fee.
12.
Allow up to one full week to get official approval after your interview.
13.
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.
Please see sample timetable for upcoming transactions.
14. In addition to any fees charged by your attorney and your lender, if applicable, Troy Towers charges the following fees payable by the Buyer: $200 Purchase Application fee, $350 as 50/50 split with the seller for coop attorney/stock transfer fee, and $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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The above information and offerings, while deemed from reliable
sources, are subject to errors, omissions, prior sale, rental,
change of terms, or withdrawal without notice. Neither broker
nor owners make any representation as to the accuracy hereof. © 2002-2009 Hudson View Realty, LLC
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