True North Homes NYC · Buyer Guide
NYC Co-op Purchase
Accepted Offer to Closing
A complete roadmap — nine phases, zero surprises
Buying a co-op in New York City is unlike any other real estate transaction. This guide walks you through every step — so you always know where you are, what comes next, and how to stay ahead of it.
Phase One
Due Diligence
- Hire a real estate attorney
- Attorney reviews building financials, minutes & house rules
- Review maintenance, flip tax & building policies
- Schedule & complete home inspection
- Review inspection results
- Renegotiate or confirm deal terms if needed
This is your window to fully understand what you’re buying. Once you sign the contract, you are financially committed.
Phase Two
Contract Signing
- Sign the contract
- Submit 10% deposit
This is the commitment point. The deal is now real.
Phase Three
Mortgage Process
- Submit full loan application
- Provide tax returns & income documentation
- Provide bank & investment statements
- Provide employment verification
- Respond to lender requests promptly
- Appraisal completed
- File moves through underwriting
The bank is verifying your financial story. Speed and organization help keep things moving.
Phase Four
Board Package Preparation
- Complete financial statement
- Gather 2–3 years of tax returns
- Gather bank & brokerage statements
- Obtain employment letter
- Obtain personal reference letters
- Obtain professional reference letters
- Prepare debt & liability summary
- Draft board package cover letter
- Review entire package for accuracy
You are presenting yourself to the co-op board. Clear, complete, and easy-to-read wins.
Phase Five
Board Package Submission
- Submit board package
- Confirm receipt with managing agent
- Respond to any follow-up requests
- Package marked complete
The building checks that everything is in order before the board reviews it. Small errors can cause delays.
Phase Six
Board Review Period
- Wait for board review
- Stay available and responsive
- Avoid job changes
- Avoid large financial changes
This is the longest and least predictable phase. The board reviews carefully and typically meets on a fixed schedule.
Phase Seven
Board Interview
- Interview scheduled
- Review your application & building rules
- Prepare simple, direct answers
- Attend the interview
A short meeting, usually 20–30 minutes. It’s about confirming your application and your fit with the building.
Phase Eight
Approval & Closing Prep
- Receive board approval
- Final loan approval (clear to close)
- Schedule closing date
- Arrange homeowner’s insurance if required
- Schedule final walkthrough
Once approved, the process becomes logistical. You’re moving toward the finish line.
Phase Nine
Closing
- Wire closing funds
- Sign final documents
- Receive keys
Ownership transfers. You’re officially home.
Key Rules
- Do not change jobs
- Do not move large sums of money without explanation
- Do not open or close credit accounts
- Maintain required post-closing liquidity
Both the bank and the co-op board are evaluating financial stability all the way through closing.
Typical Timeline
- Contract → Submission3–5 weeks
- Board Review4–10+ weeks
- Approval → Closing1–3 weeks
- Total Process~2–4 months