Cooperatives & Condominiums
The comprehensive application a NY co-op buyer submits to the board for purchase approval.
A co-op board package is an extensive application — often 100+ pages — submitted by a prospective buyer for board approval. Typical contents: personal financial statement, two to three years of tax returns and bank/brokerage statements, employment verification, professional and personal reference letters, the purchase application, the contract of sale, mortgage commitment letter, and recognition agreement (Aztech form). The board reviews to assess financial qualifications, lifestyle fit, and reputational concerns. After review, the board may approve, reject (with broad discretion), or request an interview.
Exam Tip
Extensive application — financials, references, contract, mortgage commitment. Boards have broad discretion to reject (subject to anti-discrimination law).
Study Guide
Co-ops & Condos
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Practice
NY Real Estate Co-ops and Condos
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