Feb
06

The Admission Process

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You like the building and apartment, you’ve agreed on the price.  Now it’s up to the board.  Financially and personally, the co-op board approval process is all about whether you are a good fit for the building.  It can seem simple or complex, or simply perplexing.  You want to know what is expected of you, either ahead of time or during the interview.

A few tips to make it through the process:

  • The board can be discriminating  (picky if you will) but not discriminate for reasons of race, color, religion, national origin, sex, age, family make up, disability, sexual orientation or citizenship status.
  • Appropriate information for basing a decision
    • Can you afford to pay maintenance charges
    • How many people will live in the unit
    • Income, credit, residential history and employment history
    • Some boards request a preliminary application which is reviewed by a board screening committee to determine if a purchaser is eligible.  If so they move forward with the full application package.
  • Application package
      • Residential History
      • Bank history
      • Employment History
      • Hobbies and Interests
      • Interest in board or committee service
      • Anyone who will live in the apartment
      • Full financial disclosures.  See our post: What Co-op Boards look for in your Financials.
  • Community Values
    • Assess compatibility with the co-op and its character.
    • Some boards allow opportunity for you to ask your own questions
    • Have pets?  Some boards want to ‘interview’ them as well (Read about it in our article: Co-op Board Interview for Pets!)
    • Each board has their own guidelines
  • After the Interview
    • After review, the committee will give recommendation to the board, who votes on the purchase.
    • Letter sent to seller with decision, with copy to purchaser and co-op’s attorney
    • Co-op’s attorney will communicate with all attorneys involved to arrange closing.

Excerpted from Habitat article

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