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Foreclosure

Thank you for using our website to address the foreclosure of the unit and shares by the lender in preparation for closing. Using the website will facilitate and expedite the perfection of your ownership as a result of a foreclosure and thereafter the transfer in the event the unit and shares sold. Finger & Finger, A Professional Corporation, is general counsel and transfer agent to the Cooperative about which you have inquired. At the end of this email you will be asked to click on a button which will direct you to another page to complete an online form to commence the foreclosure ownership and transfer process. Following these instructions and completing the online form will expedite the foreclosure ownership and transfer process. Please follow the instructions herein carefully and exactly to avoid any problems or delay.

The following must be provided prior to scheduling a closing (copies may be supplied prior to closing and originals must be supplied at closing):

From the Seller:

1. Opinion by foreclosing lender’s counsel in the form to be provided by our office upon completion of the online form;
2. Original resolution appointing lender’s counsel or corporate officer as authorized for t he purposes of this transaction.
3. Certification and/or Affirmation from the auctioneer that he was, in fact, the auctioneer, and that the sale took place giving the terms thereof.
4. Terms of sale duly executed by auctioneer.
5. Stock power authorizing lender to transfer shares.
6. Assignment of lease authorizing lender to assign lease.
7. Stock Certificate;
8. Proprietary Lease cover page, first page, signature page, notary pages, all assignments, all assumptions, and all consents;
9. If Stock or Lease has been lost: Affidavit of Lost Stock or Lease, and bond if affidavit is not from an institutional lender, originals of all at closing;
10. Power of Attorney (if applicable);
11. Death Certificate/Letters Testamentary/Release of Lien (if applicable);
12. Letter regarding tax abatements/refund/credit signed by Seller and Purchaser;

From the Purchaser:
1. Recognition Agreement (if financing);
2. Board Approval in writing from Managing Agent;
3. Notification as to the correct spelling of the Purchaser(s) name and how Purchaser(s) are to hold title (i.e. Joint Tenants With Right of Survivorship, Tenants by the Entirety or Tenants in Common);
4. Copy of the UCC lien search;

Scheduling Closing
Upon receipt of ALL documents set forth above from the Seller and the Purchaser the closing may be scheduled generally in the afternoon, at the office of Finger & Finger, A Professional Corporation, 158 Grand Street, White Plains, New York 10601.

Please email two (2) alternate afternoon closing dates and times which have been agreed upon by all parties and are at least five (5) business days following the said email. We will respond within twenty-four hours confirming which date is available. Unless and until we confirm the date and time of closing no closing will be scheduled. Once confirmed that closing date and time are firm. In the event of a postponement of closing, the above procedure must be repeated with the same amount of time given.

Closing
The Seller is responsible to coordinate the bringing the original stock and lease and appurtenant documents to the closing.

New York State Transfer Tax (TP-584): The Seller is responsible for preparing the New York State Transfer Tax (TP-584) form and paying the transfer tax.

Purchaser’s Lender: The Purchaser is responsible to coordinate with any lending institution providing financing for its purchase.

Documents: All parties will be required to sign certain required documents including an assignment, assumption, and acceptance relative to the lease, stock power, and cooperative transfer agreement.

All parties must bring driver’s licenses or other legal identification to the closing.

COMMENCING THE CLOSING PROCESS
To start the process and obtain a list of closing costs, please click on the button below and complete the online transfer form. We will email you a link and code for another page on this website which will allow you to obtain a list of the associated closing costs and forms for the opinion letter, corporate resolution, and affidavit of auctioneer.

We thank you for your cooperation and look forward to working with you to successfully conclude the foreclosure ownership and transfer process.