I signed the contract for the apartment this evening. It’s on its way to be signed by the owner, when it becomes official, and then comes the race to file documents:
Co-op board application: this has to be filed ten days after the contract comes into effect. I have to email the co-op board again, asking about how much of the application I have to fill out, given that much of it was filed five years ago. Financial documents, yes, but I hopefully won’t have to round up things like letters of reference.
Mortgage application: I’m going with Chase. Their theory was to set up the loan as a new apartment purchase on the B-line, with extra money to pay off the existing mortgage. I get a discount on closing costs and a bit of ease on the application process for having Chase banking accounts. They also claimed to do most of the co-op mortgage loans, so they have a fair amount of experience with this. The interest rate was about the same as Citibank, WaMu, etc. The application is basically done; it just has to be signed a mailed in, which I’ll do tomorrow.
Closing will hopefully be in two months, which puts us at the beginning of June. I should be able to inspect the apartment with an architect, to draw up plans for the alteration, before the closing. Hopefully, construction will take less than a month.
Posted on Tuesday, March 25th, 2003 at 11:27 pm and is filed under Apartment.
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