The standard co-op contract requires the submission of the Board package within 10 business days after the fully executed contract is returned to the buyer. The Board package consists of a number of annoying documents, including personal and business reference letters that sometimes can be difficult to obtain in the required time. Despite the best efforts of many buyers, complying with that 10 business day requirement is difficult. What is important however is to show good faith in your efforts to submit your documents, even if they are submitted a little late. If you are subsequently rejected by the Board and the seller seeks to use the fact that you submitted your application late in order to declare you in default of the contract , the likely outcome will be in your favor provided you made a good faith effort.
The Law Offices of William J. Reinhardt,Jr. is available to represent buyers and sellers of co-ops and condos in New York and New Jersey. Call 718-377-8880 or send an e-mail to email@example.com to arrange for a free consultation.