Co-op Board Approval
Buying a co-op is not really buying real estate. Instead, you buy shares of stock in the cooperative corporation which holds the title to the building where the apartment is located. You'll get a "proprietary lease" which allows you to occupy a specific apartment. Financing is usually available for most co-ops. A complicated co-op board approval process is required.
The co-op board typically requires that you submit an Application for approval as a shareholder. The Application asks for both personal and financial information. The co-op board may review your credit and tax returns. The Board will also want to interview you.
Typically, the contract of sale for the co-op apartment is made contingent upon the approval of the sale by the co-op board. If the board does not approve the sale, the contract can then be cancelled and the purchaser's contract deposit will be returned. Co-op boards have very broad discretion with regard to approving or disapproving sales of co-op apartments. It is very difficult to challenge the Board's decision in Court.
A good real estate attorney with special knowledge of co-op contracts and the co-op board approval process can help. I have represented hundreds of clients who have bought or sold cooperative apartments. I attempt to provide clients with guidance and suggestions regarding the co-op board approval process.
I graduated in the top 10% of my class at The New England School of Law in Boston and served on the staff of a NYC Councilperson and NYS Assemblyman. I provide my clients with personal legal representation and am committed to the success of my clients.
If you have any questions just call (212) 355-2575 and someone will assist you or e-mail