Selling Your Shares

As soon as you are thinking of putting your apartment shares on the market (whether with a broker or privately), you should contact the transfer agent to obtain a resale application package (see sample [PDF, 880KB]). The package includes an application and instructions on other documentation that has to be submitted by the prospective shareholder, such as income verification, credit authorization, reference letters, a mortgage commitment letter (if applicable). Once all of the materials are complete, the Board will review the application and schedule an interview with the prospective purchaser(s).

There are some points to keep in mind when showing your apartment for sale. If you are using a broker who will have keys to the building and the apartment, you must notify the managing agent and the superintendent. Open houses are not permitted without the consent of the Board of Directors. Signs on the building or in windows are not permitted.

If you are marketing the apartment yourself, remember that you will be inviting strangers into your home to see your apartment. Get as much information as is reasonably possible about the prospective purchaser. Remember that visitors to the building should not be buzzed in without first identifying themselves to you.

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