The New York Times calls NYC co-op board packages “infamous” and “dreaded”.
NYC co-op board packages can comprise hundreds of pages and preparing a NYC co-op application is oftentimes the most challenging and labor intensive part of purchasing a co-op apartment.
In order to purchase an apartment in a Manhattan co-op an applicant must first be approved by the co-op board of the building. Applicants must verify their social standing and net worth by filling our purchase applications that require backing documentation including financial account statements, tax returns, pay stubs, reference letters, etc.
Each co-op and condo building adopts their own purchase application requirements so the application process varies from building-to-building.
Although co-op and condo purchase application requirements vary, there is a specific way that purchase applications must be filled out, especially when it comes to the financial statement and backing verification portion of the application.
After the purchase application is completed, it is submitted to the building’s managing agent for processing. The managing agent runs a credit check on the applicant(s) and reviews all of the documentation.
If the purchase application is not perfect, the managing agent will not present the application to the co-op board. The application will have to be picked up, revised and resubmitted. If this is done, many times the managing agent will charge additional processing fees.
After the managing agent feels that the purchase application is in order, she or he will provide copies to the co-op board. The co-op board members will review the application (a process that can take a few days or up to a month) and then schedule an in-person interview with the prospective purchaser(s).
After the co-op board interview, it generally takes 24 hours or less to hear of the co-op board’s decision as to whether or not the applicant(s) are accepted.
The closing usually takes place one to three weeks after co-op board approval. It takes less time to schedule a closing if it’s an all-cash deal.
If you need assistance with your NYC condo purchase application or help with your co-op board package, please contact us at DwellingsNYC.
DwellingsNYC is a team of purchase application and co-op board package specialists who help real estate brokers and buyers with their NYC co-op and condo purchase applications.
With almost 20 years of experience and over 100 lease and sales applications reviewed and completed, we are very familiar with the condo and co-op application process.