Purchase Prequalification Requirements
A Sales Application will be furnished to the shareholder(s) or shareholder(s)’ Realtor to distribute to the prospective purchaser(s) or prospective purchaser(s)’ Realtor. The Admissions Package must be complete with all required documentation supplied before the prospective purchaser(s) can be interviewed. A commitment letter from the financial institution providing financing for the purchase must accompany the application before an interview can be scheduled. The application must be complete with all requested documentation regarding employment, financial information, past residences, references, etc. The Board of Directors will not review incomplete packages, and the application may be declined.
With respect to the prospective purchaser(s), the monthly outlay of maintenance payment plus mortgage cannot exceed 25% of the gross income. These respective obligations annualized when added to all other annual indebtedness obligations of the prospective purchaser(s) cannot exceed 35% of total gross income.
Down Payment Requirements
A minimum 20% down payment is required to purchase apartments in Chatwick Gardens. The contract of sale must reflect this value within the Admission Package. Please note that only mortgaged sales applications will be reviewed. The cooperative does not accept applications reflecting all cash sales.
The purchaser and all intended occupants must be listed on the application and all must be present at the admissions interview.
Admissions interviews are scheduled monthly, usually concurrent with the monthly meeting of the Board of Directors. In order for an interview to be scheduled within the month, the admissions package must reflect all of the requirements noted above and within the package itself, and it must be submitted to Management on or before the first Friday of the month.