Requirements for business entities vary depending on whether your business is a Partnership or Sole Proprietorship, a Corporation, or a Limited Liability Entity.   All materials are due within fourteen (14) days from the date of sale.  Below is a description of the required forms and documents for each type of business entity: 

Partnership or Sole Proprietorship:

• Verified Statement and Tax Affidavit (VSTA) form must be completed by all members of the partnership or sole proprietorship.  If the purchaser is a partnership, then a VSTA must be completed on its behalf;
• Original certified Business Certificate, certificate must be certified by the County Clerk ’s Office;
  

Corporation:

• Verified Statement and Tax Affidavit (VSTA) form must be completed for the corporate entity, and for all principals with a 20% or more interest in the corporation;
• Resolution of the Board of Directors, certified by the Secretary of the Corporation to show that it was duly adopted by the Board and affixed with the corporate seal, which includes the following information:
  1)      Resolves that the Corporation is authorized to purchase the property.  Please reference the property parcel number, borough, block and lot number, and auction date;
  2)      Authorizes a specific individual(s) to make payments and execute all documents at the closing on behalf of the Corporation;  (See sample forms on Pages 23 and 24)
• Incumbency Certificate, signed by the Secretary of the Corporation and affixed with the corporate seal, which lists the corporate officers and their respective percentage ownership interest in the Corporation.    The signature of all corporate officers should be included in this document;  (See sample form on Page 25)
• Original Certificate of Good Standing (short form), which verifies the corporations status as having been duly formed and in good standing with the State of New York.  Copies can be obtained from the New York Department of State, Division of Corporate & State Records, (518) 473-2492, website address: www.dos.state.ny.us

Limited Liability Entity:

• Verified Statement and Tax Affidavit (VSTA) form must be completed for the limited liability entity, and for all members of the limited liability company with a 20% or more interest in the company, or all partners of the limited liability partnership;
• Original Certificate of Good Standing (short form), which verifies the corporations status as having been duly formed and in good standing with the State of New York.  Copies can  be obtained from the New York Department of State, Division of Corporate & State Records, (518) 473-2492; website address: www.dos.state.ny.us.
• Copy of the executed Operating Agreement and the copy of the executed Articles of Organization for the Limited Liability Entity.

Requests for an extension of time to submit a title report must be submitted in writing to DCAS  within forty-five (45) days from the date of sale.  The request should be accompanied by written confirmation from your title company that an application for a title report has been received.   A request for an extension of time to submit a title report does not constitute grounds for suspension of the balance payment.  

The submission of title objections does not relieve the Purchaser of any responsibility to comply with ALL obligations under the Terms and Conditions of Sale including, but not limited to, the timely submission of the balance payment, mortgage applications and affidavits.

BALANCE PAYMENT

The balance payment on your purchase is due within forty-five (45) calendar days from the date of sale.  Alternatively, if the sales price is more than $20,000 and you wish to apply for a City mortgage, you must submit a mortgage application along with the appropriate balance payment and application fee by the balance payment deadline (see Terms and Conditions of Sale for full details).   Please be advised that failure to do so will result in a default on the sale pursuant to Paragraph 19 of the Terms and Conditions of Sale.