Your NYC Co-op
Purchase Checklist

Buying a co-op in New York City is one of the most layered transactions in real estate. This checklist walks you through each stage so nothing gets missed. Use it as your guide — and reach out any time you have questions.

• Get Pre-Approved for Financing

  Obtain a mortgage pre-approval from a lender familiar with NYC co-op transactions. Co-ops have stricter financial requirements than condos — your lender needs to understand the nuances.

  Co-ops typically require 20–25% down and post-closing liquidity of 1–2 years of carrying charges.
• Review the Co-op’s Financial Health

  Request and review the co-op’s most recent financial statements, including the budget, reserve fund balance, and any underlying mortgage. A healthy co-op protects your investment.

  Ask about any planned assessments or recent special assessments — these can affect your monthly costs.
• Understand the House Rules & Sublet Policy

  Read the house rules, proprietary lease, and sublet policy before making an offer. Some buildings have strict policies on pets, renovations, and subletting that may affect your plans.
• Retain a Real Estate Attorney

  Hire a NYC real estate attorney before going into contract. Attorney review is a standard — and essential — part of the co-op purchase process.

  Your attorney will review the proprietary lease, financials, board minutes, and contract terms on your behalf.

• Sign the Purchase Agreement & Pay Contract Deposit

  Once your attorney approves the contract, sign and pay the contract deposit — typically 10% of the purchase price, held in escrow.
• Complete Your Mortgage Application

  Submit a full mortgage application within the timeframe specified in your contract. Your lender will order an appraisal of the unit.

  Co-op appraisals look at comparable sales in the building and the broader market. Keep in touch with your lender throughout.
• Prepare the Board Package

  This is the most intensive step. Your board package typically includes:

  • Completed board application (provided by the managing agent)
  • Two to three years of tax returns and W-2s
  • Bank and brokerage statements (typically 3–6 months)
  • Employment verification or CPA letter (if self-employed)
  • Personal and professional reference letters (usually 4–6 total)
  • Signed purchase agreement and mortgage commitment letter
  • Credit report authorization

  Attention to detail matters here. A clean, organized package signals the right kind of buyer to a co-op board.
• Receive Mortgage Commitment Letter

  Your lender will issue a commitment letter once your loan is conditionally approved. This is typically required before the board package can be submitted.
• Submit Board Package to Managing Agent

  Your broker will coordinate submission of the complete package to the managing agent, who will pass it to the board for review.

  Timeline varies widely — from a few weeks to over a month depending on the building.

• Prepare for the Board Interview

  If the board requests an interview, treat it like a professional meeting. Be warm, straightforward, and prepared to discuss your lifestyle, work, and plans for the apartment.

  Most interviews are brief — 15 to 30 minutes. The board is evaluating fit as much as finances.
• Await Board Decision

  Following the interview (or review without an interview), the board will issue approval, rejection, or a request for additional information. Only a formal written approval allows you to proceed to closing.

• Confirm Closing Attendance

  Let your attorney know whether you plan to attend in person or prefer to use a Power of Attorney (POA). The POA must be approved by the transfer agent and your lender.

  POA closings incur additional attorney fees ($500 typically) plus potential managing agent review fees. Notify your team as early as possible.
• Provide Three Preferred Closing Dates

  Closings are typically scheduled Monday–Friday, 10 AM–3 PM. The managing agent generally requires 10–12 business days to schedule after formal board approval.

  Provide your preferred dates in order of priority so your team can advocate on your behalf.
• Review the Preliminary Closing Statement

  Your attorney will provide an estimated closing statement with itemized costs. Review it carefully and ask questions before the closing date.

  • Down payment balance
  • Mansion tax (if purchase price exceeds $1M)
  • Attorney fees
  • Managing agent and co-op transfer fees
  • UCC filing fees
  • Move-in deposit (if applicable)
• Wire Closing Funds

  Coordinate with your attorney to wire funds prior to closing. The wire will include a small buffer for last-minute adjustments — any excess will be returned to you after closing.

  Only checks under $500 drawn on a New York bank are generally accepted at the table. All larger amounts must be wired.
• Schedule Your Final Walkthrough

  After closing is confirmed, coordinate with Christopher Howard to schedule a walkthrough of the unit. Review the attached checklist to confirm all systems, appliances, and conditions meet contract standards.
• Obtain Homeowner's Insurance

  Confirm your homeowner's insurance policy will be active as of the closing date. Most co-ops require a copy of the policy at the closing table.

  Need a referral? Let us know — we're happy to connect you with a trusted provider.
• Confirm Form of Title Ownership

  If purchasing with another person, decide how you wish to take title before closing day:

  Form	Who It Applies To	Key Feature
  Joint Tenants with Right of Survivorship	Any co-buyers	Interest passes automatically to the surviving co-owner
  Tenants by the Entirety	Married couples only	Same as above; adds creditor protection
  Tenants in Common	Any co-buyers	Unequal shares allowed; interest can be willed to another party

• Bring Government-Issued Photo ID

  All buyers attending closing must bring a valid, government-issued photo ID. This is non-negotiable.
• Review and Sign Closing Documents

  Your attorney will walk you through all documents at the table. Take your time — don't sign anything you don't understand.
• Receive Your Keys & Stock Certificate

  At the conclusion of closing, you will receive the keys to your new home and the co-op stock certificate representing your ownership shares.

  We recommend scheduling your move at least 48 hours after closing to allow for any last-minute adjustments.
• Receive Executed Closing Documents

  Your attorney will email you a PDF scan of all executed closing documents for your records. Keep these in a safe place.