Is There a Legal Timeline for the Buyer to Submit the Board Package?

Chris at Cribfox (https://www.cribfox.com) goes over whether there is a legally required timeline or deadline for a buyer who has signed a purchase contract to submit the condo or co-op building's purchase application (i.e. board package). Is the buyer required to submit the building application by a certain date or number of days post contract signing?

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Yes, assuming the purchase application has been fully executed, standard real estate contracts will typically stipulate when the buyer must submit the condo or co-op building's purchase application by, in good faith.

For example, the standard NY purchase contract states that the buyer must submit the purchase application within 10 days after the contract has been fully executed, if the buyer is all cash, or within the earlier of 3 days of the receipt of the commitment letter or the mortgage contingency expiring.

In this tutorial video, we go over real world contract language, to give you a sample of actual language you might see in a contract and what they say in terms of the buyer's obligations to submit the board package.
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Cribfox Inc.
Email: [email protected]
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