Residents Resources

Operations and Transfers
Guidelines for Packages
Specific Requirements for Packages
Package Request Form
Operations and Transfers

Our Transfer Agent handles all of the daily interaction with the Boards in reviewing and coordinating the packages received for resale, sublet, refinance and transfers within the properties we manage. This role also encompasses scheduling Board interviews and closing, most of which take place within our office when we act as the transfer agent for a property. Our agent’s interaction with outside real estate brokers, mortgage brokers and attorneys make this function both important and frequently time-consuming. All fees associated with these services are the responsibility of the parties to the transaction and not the co-op or condo being represented.

Although each property operates differently and therefore has different requirements, listed below are the general requirements for most properties managed by our firm. For a specific package on any one property, please call our office.
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Guidelines for Packages

Each building generally adopts their own policies concerning these issues and provides us with their requirements. We do however suggest that certain requirements be followed for various legal, financial and consistency reasons. In the ever changing approval processes by Board’s we have seen litigation on many fronts that can be avoided if the Board follows a consistent path with all of these requests. To avoid such action we have recommend the following information for each package:
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Specific Requirements for Packages

Resale Requirements
  • An executed Contract of Sale

  • A fully completed Purchase Application provided by our office

  • A Statement of Financial Condition with back-up documentation for all assets listed

  • A Credit Report and in some cases criminal background checks for each applicant

  • A complete Bank Application with an appraisal report

  • A copy of the Mortgage Commitment Letter issued by the Lender

  • A complete copy of the Federal Income Tax Returns with Schedules for the last two years for each applicant

  • Three Personal Reference Letters for each applicant from non-relatives

  • An Employment Verification Letter for each applicant stating their position, salary, bonus arrangements, as well as the length of their employment

  • A list of all parties connected with the sale including telephone numbers and addresses

  • A Landlord Reference Letter indicating length of tenancy/ownership and payment history

  • A completed Window Guard Form provided by our office

  • A completed Lead Paint Disclosure Form provided by our office

  • A non-refundable Application Fee payable to Grogan & Associates Inc.

  • A Move-in Deposit which varies from property to property

  • Three signed Recognition Agreements signed by Lending bank and purchaser(s)

Our standard Closing fees include: (1) a stock transfer fee or attendance fee, (2) stock transfer stamp fee which are both generally paid by the seller and (3) a recognition agreement fee, when a lending bank is involved, which is paid by the purchaser. All fees are to be made by certified, bank or attorney checks and made payable to Grogan & Associates, Inc.:

In most cases, our firm does represent the properties we manage and therefore all closing take place at our office and must be scheduled at least two weeks in advance with our Transfer Agent.



Sublet Requirements
  • A letter from the Shareholder or Unit Owner detailing the reason for the sublet request

  • Consent from the Mortgagor of the apartment, if the apartment is currently financed

  • An executed copy of Sublease Agreement provided by our office

  • A completed Sublease Application provided by our office

  • A Statement of Financial Condition with back-up documentation for all assets listed

  • Three Personal Reference Letters from non-relatives

  • An Employment Verification Letter for each applicant stating their position, salary and bonus arrangements, as well as the length of their employment

  • A Landlord Reference Letter indicating length of tenancy and payment history

  • A complete copy of the Federal Income Tax Returns with Schedules for the last two years for each applicant

  • A Credit Report and in some cases criminal background checks for each applicant. Please note these reports are generally ordered by our office, but are always at the applicant’s expense

  • A completed Window Guard Form provided by our office

  • A completed Lead Paint Disclosure Form provided by our office

  • A non-refundable Application Fee of $450 payable to Grogan & Associates Inc.

  • A Move-in Deposit, which varies from property to property

Sublets are generally approved for one-year periods with renewals or new applications being submitted at least 45 days prior to the expiration of the current sublease. Please note most buildings have subletting requirements that limit the number of years permitted to sublet apartments and in some cases owners must meet a minimum ownership period of at least one to two years.



Refinancing Requirements
  • A copy of the Bank Application and approved Loan Commitment

  • A copy of the Appraisal prepared by the Bank on your apartment

  • Three (3) original Aztec Recognition Agreements signed by the Bank

  • A letter explaining your present mortgage terms, what your monthly payments are and what your payments will be with the new loan. If your payments are increasing or you are taking out new money, residents should complete a Statement of Financial Condition

  • A copy of Federal Tax Returns from last year or an audited financial statement signed by your accountant is required only if you are borrowing more money or if one’s monthly payments are going up substantially

  • A Recognition Agreement Fee

  • A non-refundable Processing Fee payable to Grogan & Associates, Inc.
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320 East 39th Street • New York City 10016-2106 | Phone (212) 370-1480 • Fax (212) 697-2180