10 steps for creating a stellar co-op or condo board application

If you’re considering buying an apartment in New York City, be prepared to overcome hurdles beyond making the down payment and securing a mortgage. Welcome to the labyrinthine board approval process, an essential prerequisite for purchasing in a co-op or condo building. 

That process begins with the board package, designed to show the board that you are a qualified buyer. This notoriously invasive step involves scrutinizing your tax returns, financial statements, and personal and professional recommendations. It can all feel downright excessive. 

However, all that scrutiny is ultimately for your benefit. A co-op's ownership structure means you become a tenant shareholder of a corporation, and the due diligence is part of screening candidates who will contribute to the building’s financial well-being. Increasingly, the application package for purchasing a condo requires similar documentation and sometimes even an interview. 

[Editor's note: A previous version of this post was published in February 2024. We are presenting it again with updated information for February 2025.]

That said, co-ops have much more discretion and can reject board packages without providing a reason. On the other hand, condo boards are limited to exercising their right of first refusal, meaning they have the option to buy a condo from a seller at the same price as the sales contract—a very rare occurrence. 

"Fundamentally, you are checking off the boxes," says Kirsten Jordan, a broker at Douglas Elliman. So, unlike a co-op, a condo is not likely to turn you down because they don't like your cover letter. "I've sent letters back to co-op buyers and asked them to make fixes. That's never happened in a condo package."

Read on for tips on efficiently assembling your application package and putting your best foot forward to seal the deal.

1. Start prepping early 

It’s your job to gather all the documentation, but a broker can help you file and ensure it is free of omissions. 

Usually, there are one or two rounds of back-and-forths between the broker and the buyer, says Ari Harkov, an agent at Brown Harris Stevens. But if you are well organized, you can reduce the time between the offer and closing. 

“Most contracts require packages to be submitted within a certain time frame. Be sure to check your contract and consult with your attorney so you know what dates and deadlines you need to meet,” Harkov says.

Now that applications are primarily being prepared online, compiling and submitting board packages has become both simpler and more complicated. “Digital packages help streamline the process and save paper, but they are also fraught with pitfalls and challenges," he says, pointing to software glitches or unfamiliarity with the system resulting in incomplete packages being accidentally submitted. It is also more difficult for boards to review them comprehensively.

2. Follow the checklist and don’t leave gaps

It's imperative to know what to include—and what not to include. A management company or brokerage will send you a guide explaining exactly what you need to have in your package. 

Your broker can provide samples of application documents, and starting early gives you time to request any necessary statements. 

You should also have your broker contact the seller’s agent to find out exactly how the board wants the package delivered (e.g., via email or secure online platform), what software is being used, and to whom it will be sent. This way, you can get organized by scanning documents and having them ready to upload.

The bottom line: Include everything asked for, but don't put in more than you need. Photos are a big no-no. "We don't care what your house in the Hamptons looks like, and we don't really care what you look like," says one Upper East Side co-op board treasurer.

3. If you're financing, you'll need a commitment letter

Co-op board requirements vary from building to building, but there are some nuts-and-bolts requirements, such as financial statements that show assets and income, specifically tax returns and bank statements. "Those are the heart and soul of the package in broad strokes," Harkov says. 

“In today’s lending environment, many banks are taking at least 45 days to issue commitment letters,” he points out.

And remember to keep track of the letter’s expiry date—this kind of oversight could become a sticking point for a seller. 

The board typically requests two years of tax returns along with your most recent bank statement and stock/ retirement account reports.

4. Include a cover letter and table of contents

These elements let board members easily find what they need. 

"The cover letter should explain who you are, your income, what your post-closing assets are, and your debt-to-income ratio. So if a board member doesn't want to read the whole package, they can get everything they need from these two parts," Harkov says.

For more granular advice, Jordan talks about the "dos" and "don'ts" of cover letters. Do present your narrative in a well-written, digestible format, introducing yourself or your family: This is who we are, how long we've been looking, why we love this building and the neighborhood, how excited we are to be part of the community, and anything else that parlays into being a neighbor—like being president of the board of your previous co-op. Start with a pleasant salutation. 

As for the don'ts, it is wise to avoid politics and religion. Focus on your professional and charitable impacts. 

5. Don't leave any blanks

Co-op board members are volunteers (often with jobs and families) who don't want to spend much time asking for more information. Plus, the longer it takes for them to approve you, the longer it will take to close on your apartment. 

One common mistake made by buyers paying cash is not showing that amount on the financial statement, which can leave the board wondering where the money is coming from. 

The idea is to preempt any questions. For example, if you recently divorced, be prepared to provide detailed information about alimony payments, whether you give or receive them. 

Similarly, Jordan says that sometimes, in the interest of full transparency, it pays to go beyond providing bank statements. 

"The revenue/financial statement is a great place to start, but if your situation is more complicated because of carried interest or debt, there's nothing wrong with making a schedule that breaks things down further," she says. "It's even worth going into detail about why you've made certain financial decisions—like not paying down educational loans because the interest rate is so low and you view it as smart debt, or you have assets with valuations that you'd like to include."

6. Choose references wisely

According to Jordan, it's common knowledge that a board member will open the package and go straight to the finances and then the reference letters. "They want to know you can afford it and who you are," she says, adding they typically skip looking at the credit check form and all the rest that the managing agent would have vetted already. 

Harkov explains that these reference letters fall into several categories: an employee letter written on company letterhead verifying your compensation; a business letter from a superior or colleague offering substantive feedback about you in a work environment, including details on how responsible you are; a letter from your current management company confirming that you pay rent or monthlies on time; and a personal letter, which can often seal—or break—the deal.

A Yorkville co-op board member puts it this way: "What separates one applicant from the next is the personal aspect—specifically, the recommendation letters. Because when it comes down to it, once we agree that the applicants have the financial capacity to make the purchase, we just want to see if they will make nice neighbors. Who are they asking to recommend them? Do the letters read like boilerplate, or do they tell me thoughtful information?"

So, who should write those all-important personal reference letters? In the best-case scenario, it would be colleagues or friends who can speak honestly about you. 

“The idea is to use someone who gets how important it is to have good neighbors and can vouch for the fact that you would make one," Harkov says. It's even better if you know someone who’s a board member in a NYC co-op or already lives in the building.  

Indeed, if you are trying to get into a Park Avenue co-op, Jordan recommends that your friend ideally be in another Park Avenue co-op. The same is true if you are applying to a storied co-op on the Upper West Side.

"If you are looking at more simple buildings, you still need to know your audience. Take guidance from your broker or the seller's agent on what vibe you should aim for," she says.  

8. Aim for sincerity and specificity in personal references

Jordan advises her clients to be prepared to get creative. 

"The best letters are the ones that are genuine and actually written by someone else, but sometimes people need inspiration," she says. 

Providing a sample reference letter with the names redacted can be a helpful guide. Or you could remind them of relevant details, such as when you planned a charity event together or took a weekend trip with the families in tow. "Not many people think about doing this to help their references get started," she adds.

Harkov agrees that specificity is key. "You want your recommendations to include details like, 'She helped me when my kids were sick,’"  he explains. 

Two high school teachers who bought a co-op in Forest Hills, Queens, told us they were certain their “Disney-style” letters of recommendation were what clinched the deal for them.  

Read: "Here are 8 real co-op board reference letters from successful buyers" for more tips and takeaways.

9. Double and triple-check the package

"Multiple qualified eyeballs are always a good thing," Harkov says.

The buyer's broker pulls the package together, but the seller's broker, the managing agent, and even the lawyer should review it. Check for typos and see if anything stands out that needs correcting.

10. Bring your A-game to the interview

Dress appropriately, be respectful, and keep it friendly. If you’ve spent time preparing the application, you should know your package inside and out so you won’t get tripped up during the interview, whether it is in-person or via video.

Jordan emphasizes that this is an opportunity for board members to ask you questions, not for you to ask them about the building, which you should have known from doing your due diligence.

"This is also not a good time to go into any elaborate details about the massive amount of work you plan to do in the apartment," she says. You shouldn't lie if asked outright, but there's no need to freely offer statements conveying your eagerness to embark on a two-year construction project.

Earlier versions of this article contained reporting and writing by Lucy Cohen Blatter and Emily Myers.

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