Stock Certificate

    Before you list your apartment for sale, your coop, please locate your stock certificate. Most people don’t do this until the very end when it comes time for closing, and they run into a lot of issues, which I’ll get to in a moment. But, locate your stock certificate now.

    If you have a lender, then your lender has your stock certificate as collateral for the loan. So contact them and see if they can locate it. Sometimes the lender has what’s called a special servicer and the special servicer will be holding the stock certificate. It’s just going to add some layers of phone calls and time to get the document.

    So I would put in the time now, on the front end, to identify and locate stock certificate so you don’t deal with it later in time. If you don’t have a lender and you paid cash for your apartment then you have the stock certificate, or you gave it to a family member, or a friend, or maybe your attorney has it, you may have even put it in a safety deposit box or a safe.

    In any case, locate the stock certificate so you have it. What you don’t want to do is wait until closing when they’re collecting closing documents and they want to locate where stock certificate is. Because, if you’re unable to find it, and it could take your lender or special servicer a couple of months, it could take three months to locate it if they’re having problems.

    You don’t want to run into that on the backend. Where closing could get adjourned and you may lose a buyer because he gets frustrated and he has an out in the contract. So, you really want to take care of this at the beginning of the process, not at the end of the process, and you’ll thank me later. You don’t have to call me or DM me to thank me. But, you’re gonna thank me later.

    If you wanna talk through this process, please give me a call, DM me, I’ll be happy to talk to you about this, as well as anything else real estate. Thanks a lot.

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