Conduct meetings with Shareholders to obtain approval and prepare literature to Shareholders regarding the Conversion.
Perform an appraisal and preliminary title searches on the property.
Negotiate with the Cooperative’s bank as to payment of the Cooperative mortgages.
Seek Federal National Mortgage Association (“FNMA”) approval.
Negotiate and obtain necessary approvals or exemptions from all state agencies.
Negotiate with the local taxing authority regarding tax assessments for new condominium units.
Preparation of all documents necessary to dissolve the Cooperative and form a new Condominium Association.
Assist shareholders to obtain individual unit financing for payment of their share of the mortgage and assist with financing options in connection with Shareholders who may not qualify for unit financing.
Assist shareholders in obtaining title insurance for individual closings.
Coordinate closings for individual shareholders.
Coordinate with your management company as to accounting for both the Cooperative and Condominium Associations’ books during the conversion process.