Before developing and using Aztech`s recognition agreement today, lenders would negotiate directly with developers and co-op converters to create customized documents that would allow financing for individual shareholders. An “Aztech Recognition Agreement” or “Aztec” is an agreement between you, your lender and koop, and determines what happens when you stop paying for maintenance and/or mortgages. It is necessary to finance the acquisition of a co-op. While you`re signing the Aztecs, this is really just confirmation. It doesn`t require you to do anything wrong. The term comes from the company that makes the forms Aztech Document Systems aka and sometimes writes Aztec document systems. The correct name of the document is the recognition agreement. Just as a standard leasing is often called Blumberg leasing, because Blumberg makes it the form. The Aztecs will arrive signed by the bank. You sign and submit them with your request for cooperation and, finally, a member of the board of directors will sign, the agreement being executed in its entirety. If you bought a Co-op in New York with a mortgage, you`ve heard about Aztech`s recognition agreement. People also call it “Aztec form.” In fact, the buyer who asks for a co-op apartment with a mortgage must produce an Aztec.
In fact, the Aztecs have nothing to do with an old Mexican civilization. In fact, it`s buying a co-op in New York. We will ventilate it for you and explain what it means and how it works. To get a mortgage, the bank needs Aztech. The co-op purchase application requires the originals. It is interesting to note that most co-op owners and sometimes brokers do not know what this means. In fact, they simply put it in the co-op package without understanding the impact. It is important to note that the language of co-ownership may vary in terms of the ability to obtain a loan secured by the shareholder`s credit contract and the shares as collateral. Some proprietary leases allow this to be done, others require the prior approval of the co-op company and others are completely silent in this case. Hello, this is my first time applying for a co-op apartment, and I need a guide.
Over the past three months, I have completed the contracting process, and after the contract was signed, I filed the application with Koop`s Board of Directors.