Message to potential buyers
All apartments are part of the housing cooperative of Parklane Towers, Inc. You will be buying shares of capital stock (not real estate) in the Parklane Towers corporation. There are 72 apartments in the cooperative. Your shares give you exclusive rights to occupy the apartment included in the purchase. As a shareholder, you will be subject to the rules, regulations, and Bylaws of the housing cooperative. You will be signing a Proprietary Contract in order to accept your shares into the cooperative. It is your responsibility to follow the steps in the application and purchase process.
Refer to our Resident Selection Criteria for more information.
If you are not using a realtor, you will need to complete a Cooperative Sales Agreement prior to closing. The Seller, Buyer, and a Representative of Parklane Towers will sign the document at closing, with the original being placed in your file.
The Buying Process
All prospective Owners must complete an application and authorize a background check. Spouses can complete only one application together. Non-spouses (i.e. Mother-Daughter) must complete separate applications.
- The Application Process. When you and your seller have a contract, you will start the application process for Ownership at Parklane Towers. You will need to download and complete these forms:
- Application for each adult over 18 years of age that will be living in the apartment. Please Note: Only two people allowed per bedroom; one person per studio. You and your spouse can fill out the main application together.
- Applicant Information Form for each person applying for Ownership.
- Authorization for Background Check
Return these completed forms, along with a check (payable to Parklane Towers) in the amount of $35 per applicant ($70/couple) to the Parklane Towers office at 5051 E. Lincoln. This application fee is non-refundable.
2. Interview. Upon successful completion of the background check, you will be contacted by a member of the New Resident Selection Committee to schedule your interview. At the time of your interview, you will be asked to provide proof of income to the Committee. This can be tax returns, bank statements, and/or W2’s.
3. Approval / Denial. A clean background check and a successful interview will forward your application to the Board of Directors for approval. Only the Board has the authority to accept or deny any applicant for ownership at Parklane Towers.
4. Closing. When your application has been approved by the Board of Directors, the New Resident Committee will schedule a closing between you and your seller. This will be done at Parklane Towers. There is a $400.00 closing fee due at this time, payable to Parklane Towers.
Additional Resident (non-shareholder) Application
If you will be having an adult aged 18-years of age or older (such as a child, parent, or other relative) living with you for more than 30 days who is NOT going to be a Shareholder at Parklane Towers, you must complete an Additional Resident Application, along with a Background Check Authorization.