How Do Condo Board Applications Work in NYC Real Estate?

It’s a common misconception among buyers in NYC that a board package is only required for a co-op apartment. While a condo does not have the same broad discretion as a co-op to reject buyers, most condos still require buyers to complete and submit a board package. The condo board package in NYC is primarily an administrative exercise whereby you fill-in a basic application, sign a few pages and assemble various documents, such as your mortgage commitment letter. While a condo cannot reject you unless it agrees to buy the apartment, a condo board does have grounds to delay your closing indefinitely if you refuse to complete the purchase application.

What Is a Condo Board Package?

The signature pages in a condo board application may consist of the following:

  • Window Guard Disclosure
  • Lead Paint Disclosure
  • Pet/Wildlife Rider
  • Bed Bug Disclosure
  • Occupancy Rider
  • Notification of Legal Mailing Address
  • Emergency Contact Information Form
  • Signed Financial Statement
  • Credit Check Authorization
  • House Rules Acknowledgment
  • Condo Power of Attorney
  • Fire Safety Acknowledgment Rider

What Documents Does a Condo Board Application Ask For?

How to Receive Condo or Co-op Board Approval (2019) | Hauseit® FSBO Educational Series

The act of a condo buying an apartment is called right of first refusal, and it’s something which rarely happens in NYC given how expensive apartments are today.

Here are some examples of typical documentation you may be asked to submit as part of the condo board application in NYC:

  • Signed Purchase Contract
  • Loan Application
  • Mortgage Commitment Letter
  • Tax Returns — Past 2 or 3 Years
  • Bank Statements — 2 to 6 Months
  • Landlord Reference Letter
  • Income Verification Letter
  • REBNY Financial Statement
  • Personal Reference Letters — 1 to 3
  • Professional Reference Letters — 1 to 3

How Long Does It Take to Prepare a Condo Board Package?

How Long Does Condo Board Approval Take in NYC?

Buying a Condo Apartment in NYC — The Complete Buyer’s Guide (2019) | Hauseit New York City

What Is the Average Condo Board Package Fee?

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