What Goes Into a Co‑op Board Package

After your offer is accepted and the contract is signed, a co-op buyer submits a board package. The managing agent forwards it to the board, which decides whether to approve the purchase.

What is usually included

• A completed application form and the signed contract of sale
• A personal financial statement listing assets and liabilities
• Recent tax returns and income documents, often two years
• Recent bank and brokerage statements
• An employment letter confirming position and compensation
• Personal and professional reference letters
• Mortgage commitment letter, if you are financing

Each building has its own checklist. Your agent and attorney should get it from the managing agent early.

What boards look at

Boards want evidence that you can pay maintenance reliably. Many look at debt compared to income, the size of your down payment, and how much cash you will hold after closing. Standards differ widely between buildings, which is one reason to learn a building's reputation before you bid.

The interview

Some boards interview buyers, usually for a short, conversational meeting. Be prepared to explain your plans for the apartment, any planned renovation and how you will use it.

How to prepare

1. Gather statements and returns before you start touring.
2. Explain unusual income, such as business ownership or recent job changes, in a short cover letter.
3. Choose references who can describe you as a neighbor and as a financial counterpart.
4. Keep the package organized and complete. Incomplete submissions slow the review.

Your New York attorney and agent guide this process. If you are relocating from outside the city, we can connect you with an agent who handles co-op approvals regularly.

General information only, not legal or financial advice. Requirements vary by building.