Sales Orientation Update
1. Upon closing: There is an Administrative Charge of $1,000.00, payable by the seller. There is also the attorney's fee of $850.00, payable by the seller. If financing is involved there is also an attorney's fee of $450.00, payable by the purchaser.
2. There are new minimum income requirements now in effect as follows:
3 1/2 ............ $38,400.00
4 1/2 ............ $54,000.00
5A, 5B, 5C......$61,200.00
5 1/2 ............ $68,400.00
In the event that an apartment is mortgaged, the prospective shareholder(s) would be required to have an additional income of 20% of the mortgaged amount the cash based income requirement. (Ex. Selling Price $200,000.00 x 80% = $160,000.00 (Maximum amount to be Financed) x 20% (additional income requirement) = $32,000.00 $32,000.00 (cash based income) = $64,000.00 annual income requirement).
3. The application fees, payable by the purchaser upon filing of an application are now as follows.
Single individual ............................. $350.00
Married couple (one income) ......... $450.00
Married couple (two income) ..........$550.00
Two individual (two last names) .... $700.00
4. The processing time for an application, which is about 6-8 weeks for an all cash deal and about 8-10 weeks when there is financing involved, begins on the day the completed application is filed. (It DOES NOT begin on the date the contract is signed, nor on the date the purchaser first secures a blank application from the Management Office.
Updated 11-4-24