Complete NYC Co-op Board Package Checklist

Selling a co-op apartment in NYC requires board approval of your buyer. A complete, well-organized board package is crucial for a smooth approval process. This checklist covers everything you need to know.

[!info] Board approval is required for all co-op sales in NYC. The process typically takes 2-6 weeks, so start preparing early to avoid delays at closing.

Required Financial Documents

Buyer's Financial Information

Debt and Liability Information

Personal Documentation

Identification and References

• Photo ID (driver's license or passport)
• Personal references (3-5 character references)
• Professional references (employer or business contacts)
• Previous landlord references (if renting currently)

Background Information

• Residency history (last 5-10 years)
• Cover letter explaining why they want to live in the building
• Family information (if applicable)

Purchase Documentation

Contract and Financial Terms

• Signed purchase contract
• Down payment verification (bank letter or statements)
• Mortgage pre-approval letter (if financing)
• Attorney contact information

Building-Specific Requirements

Co-op Specific Documents

• Co-op application form (building's specific form)
• Stock certificate (after closing)
• Proprietary lease (after closing)
• Building financial statements review acknowledgment

Additional Requirements (varies by building)

• Interview scheduling (board interview)
• Pet documentation (if pets allowed)
• Subletting plans (if applicable)
• Insurance information

Red Flags to Avoid

[!warning] Avoid these common mistakes that can lead to board rejection:

Financial Red Flags

[!redflag] Insufficient liquid assets after down payment and closing costs

[!redflag] Debt-to-income ratio too high (many co-ops prefer under 30%)

[!redflag] Unexplained large deposits or financial irregularities

[!redflag] Recent job changes without proper explanation

Application Red Flags

[!redflag] Incomplete documentation or missing items

[!redflag] Inconsistent information across documents

[!redflag] Late submission of materials

[!redflag] Poor presentation or disorganized package

Behavioral Red Flags

[!redflag] Unresponsiveness to building requests

[!redflag] Demanding or difficult attitude during process

[!redflag] Unreasonable financing contingencies

[!redflag] History of board rejections at other buildings

Timeline and Process

Step 1: Contract Signing & Package Preparation

Duration: 1-2 weeks Begin collecting all required documents immediately after contract signing. This is the most time-consuming phase.

Step 2: Package Submission & Board Review

Duration: 2-4 weeks Submit complete package to managing agent. Board reviews all materials and may request additional information.

Step 3: Board Interview & Decision

Duration: 1-2 weeks Buyer attends board interview. Board makes final approval decision within days of the interview.

Step 4: Approval & Closing Preparation

Duration: Variable Once approved, proceed with closing preparations. Rejection requires finding a new buyer.

[!protip] Start early - Begin collecting documents at contract signing. Most delays happen because sellers underestimate how long it takes to gather complete financial documentation.

Best Practices

Managing Agent Tips

Working with the Managing Agent

• Get requirements early - Each building is different
• Ask for examples - Some agents provide sample packages
• Clarify deadlines - Don't miss submission windows
• Request status updates - Stay informed during review

Common Questions to Ask

• What are the specific financial requirements?
• Are there any building-specific restrictions?
• What is the typical timeline for review?
• Who should attend the board interview?
• Are there any recent policy changes?

Expert Guidance Available

When to Get Help

• First-time co-op sale - Process can be complex
• Buyer has complications - Credit issues, self-employment, etc.
• Strict building requirements - High-end or selective buildings
• Time constraints - Need to expedite process

SellWise Support

Building Types and Variations

Luxury Co-ops

• Higher financial requirements (often 2-4x annual carrying costs in liquid assets)
• More extensive interviews and reference checks
• Additional documentation may be required

Standard Co-ops

• Moderate requirements (1-2x annual carrying costs)
• Straightforward process with standard documentation
• Reasonable timelines for review

Conversion Buildings

• Newer co-op rules - may be more flexible
• Less established processes - clearer communication needed
• Potential for expedited approval in some cases

---

Need help with your board package? Our experts have guided hundreds of successful co-op board approvals. Contact us for personalized assistance or view our plans to get expert package review included in your selling journey.