Coop Apartment Board Approval Process in NYC | The Complete Board Package Documents

The process of buying a co-op apartment in NYC is full of challenges especially for a first time home buyer. One of the most important steps is the Co-op Board Package step, also known as Purchase Application.
In this video we will talk about what a co-op board package looks like, the required documents, co-op board interview and the timeline.
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Buying a home is a step-by-step process. In this video we are going to talk about the steps 7 which is the board package, also known as purchase application, and 8, which is the interview process, when buying a co-op.
Let’s start with a timeline. Technically steps 6 and 7 start at the same time. When you have a signed contract you’ll start working on your mortgage application with your loan officer (if you are financing) and your agent will start preparing your board package. You will need your bank commitment letter and a few other bank related documents in order to submit your board package. That’s why it’s very important for your agent to start putting together your board package as soon as possible to avoid any unnecessary delays.
If you are buying a co-op apartment in New York City, the process of going through a board approval can seem very challenging. Every co-op is different. Some of them can have strict rules and requirements and some of them can be a little bit flexible. So it depends on the building.
Usually the first thing I’ve seen a lot of co-ops require is the “Applicant’s Letter to the Board”. This is called a cover letter or introduction letter. You get the idea. This is your chance to make that first connection with the board, since this is the first thing they will see before even looking at your finances.
Usually in this letter you tell them who you are, what do you do, what are your interests outside of your work, your hobbies, what do you like about this building, what do you like about this apartment, and why would you like to live there.
Then comes the Purchase Application and Financial Forms.
Moving on the next item in your board package is the contract of sale.
Next on the list depending on the building is usually your employment verification letter, which states your start date, position held and your annual salary.
Then a few personal and professional reference letters.
Next typically are the documents verifying your income and assets. Basically, proof of everything that you said you have in your financial statements.
Somewhere in that package, you’ll see a credit report release form. This basically is a document where you give your permission to them to perform a credit check on you.
Also, when buying a co-op with financing, your board package needs to include what’s called an Aztech Recognition Agreement. Since your loan will be collateralized by the shares and proprietary lease, this agreement basically is a contract between you, co-op and the bank that specifies who has the first lien on the property in case if you default on your loan, and what are the obligations of each parties.
And the last piece of information is your loan commitment letter from the bank.
Those are the main things that I see pretty much in every co-op board package. There might be a few other forms for you to fill out and sign as well, depending on the building. There can be a pet policy acknowledgement form, fire safety acknowledgement form, sprinkler disclosure, lead based paint form, window guards form and things like that. And also, house rules acknowledgement form.