What is the approval process for purchasing a co-op or condo?
[TOP] In New York City, over 80% of the apartments available for purchase are in co-ops. Prices tend to be 20% to 25% less than condos. Purchasers are required to submit a co-op board package which is a detailed application including a financial statement, a documented asset and liability statement, personal and business reference letters, two to three years 1040 tax returns, landlord and bank reference letters. A formal interview is required of each applicant. Condo applications, as a rule, are generally far less extensive and a formal interview is not required. Generally, both co-ops and condos require credit checks of applicants.
