Ensure the buyer's board package is administratively perfect before submission - disorganized applications trigger delays and rejections. Under Intro. 1120-B, boards must now acknowledge receipt within 15 days. Prep the buyer for the interview: they should never ask questions, never mention renovation plans, and present themselves as respectful, low-maintenance shareholders. A flawless package and smooth interview compress the timeline.
From the seller playbook: Co-op Board Approval Strategy
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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