- Can extend the closing as much as 30 days
The lender requires 45-90 days from the time they receive your non-refundable deposit, and your application, including the requested information about the proposed borrower.
- Obviously you have to get approval from the Master and Special, but also the Directing Certificate Holder (aka Controlling Class). More on this later, but you have to wonder if, say Teachers, is interested in making this call when they become DCH on the Stuy Town deals (they hold a lot of Stuy Town AJs - it could happen).
- No Downgrade Letter can be required
- Legal opinions X 3 - Enforceability; non-consolidation, and REMIC
- Release of carveouts will need to be approved (to get the seller out fully)
A much more detailed overview is here.