The board package is the cornerstone of every co-op purchase in New York City. This comprehensive application gives the co-op board everything they need to evaluate you as a potential shareholder. A well-prepared package demonstrates financial stability, good character, and your fit with the building community.
What's in a Board Package?
While requirements vary by building, most board packages include the following components:
1. Application Forms
Each co-op has its own application form requesting personal information, employment history, and details about your intended use of the apartment. Complete these forms thoroughly and accurately—inconsistencies raise red flags.
2. Financial Statements
You'll need to provide a detailed personal financial statement showing all assets, liabilities, income, and expenses. This is typically accompanied by:
- 2-3 years of federal tax returns with all schedules
- Recent pay stubs or proof of income
- Bank and brokerage statements (typically 2-3 months)
- Retirement account statements
- Employment verification letter
3. Reference Letters
Most buildings require 3-4 reference letters, typically including:
- Professional references: From employers, business partners, or colleagues
- Personal references: From friends who can speak to your character
- Landlord reference: If you're currently renting, a letter from your landlord
Pro Tip
Reference letters should be specific and personal. Generic letters suggest your references don't know you well. Ask references to mention how long they've known you and include specific anecdotes that demonstrate your reliability and character.
4. Contract of Sale
A fully executed copy of the purchase contract, along with any amendments.
5. Financing Documentation
If financing, you'll need a commitment letter from your lender. For all-cash purchases, proof of funds is required.
Common Mistakes to Avoid
- Incomplete applications: Missing documents delay the process and frustrate boards
- Inconsistent information: Numbers should match across all documents
- Poor presentation: Disorganized packages suggest disorganized applicants
- Weak references: Choose people who will write compelling, specific letters
- Unexplained issues: Address credit blemishes or employment gaps proactively
The Board Interview
After reviewing your package, the board will typically invite you for an interview. This is usually a casual meet-and-greet lasting 15-30 minutes. Tips for success:
- Dress appropriately (business casual is usually fine)
- Be friendly and personable—they're evaluating you as a neighbor
- Express genuine interest in the building and community
- Don't discuss renovation plans unless asked
- Avoid controversial topics
Working with a Specialist
An experienced co-op broker can be invaluable in preparing your board package. They know what specific buildings look for, can help you present your finances in the best light, and can coach you for the interview process.