Coop Buyer's Checklist

Before Settlement:

  1. Provide National Capital Title & Escrow, llc (NCTE), a copy of the signed and ratified contract of sale, which should specify a date by which settlement must occur.
  2. Schedule the settlement date and time.
  3. Provide NCTE full legal names and social security numbers. Tell us what names are to be on the cooperative ownership documents.
  4. Provide Marital Status and tenancy type:
    • Tenants by the Entirety (if one person dies, the property automatically goes to the surviving spouse; this is only available to married couples)
    • Tenants in Common (each person has an defined percentage of interest in the property, and, upon death, each person determines who is the beneficiary of his or her interest)
    • Joint Tenants With Right of Survivorship (if one person dies, the property automatically goes to the survivor)
  5. Obtain board of directors approval of purchase/transfer.
  6. If you are married in the District of Columbia and your spouse is not going to be on the deed, he or she may have to sign a waiver of “dower rights.”
  7. Provide contact addresses, phone numbers, and e-mails and keep us aware of any changes
  8. If you can not make settlement, please contact NCTE about power of attorney
  9. Schedule home inspection, if applicable
  10. Schedule termite/pest inspection (may be scheduled by real estate agent)
  11. Apply for your loan
  12. Complete District of Columbia, Maryland, or Virginia wire instruction form, if appropriate
  13. Fax a copy of the good faith estimate to NCTE, including lender’s closing costs, to receive a draft HUD-1 settlement statement

 

For Settlement:

  1. Bring driver’s license or passport (must be current)
  2. Bring money due at settlement: a cashier’s check is usually accepted; a wire may be required.
    • Please contact NCTE for details. Cashier’s checks should be made payable to National Capital Title and Escrow, llc.
    • The buyer should bring a checkbook in case additional amounts are required. If the cashier’s check is over the amount needed, a refund can be issued at the closing.
    • In cases where we cannot get you the exact figure for closing, the buyer should use the good faith estimate given by the realtor for the cashier’s check amount.