Complete your application carefully. Never fail to answer a question. Incomplete applications are the single biggest reason for delays in board approvals and thus closing.

Don't underestimate the importance of personal reference letters. Ideally all recommendation letters should be on some form of personal or business stationary, not handwritten notes. They should state how long the person has known you, under what circumstances you became acquainted (neighbor, fellow club member, etc.) and say something about why you will be a good future shareholder. Use references from acquaintances in NYC co-ops first. Never use a reference letter that suggests anything of controversy whether personal or professional.

Never make personal contact with the co-op's agent. If clarification of anything needs to be made, your broker or lawyer should do this. Any contact with the agent could potentially taint how the board sees you. Sometimes the agent may unjustifiably feel you are nuisance so its always better to let your broker or attorney handle such inquiries. Also the way you ask a question might highlight weaknesses in your application to the co-op's agent who would then be obligated to inform the co-op.

Being invited to the interview is a good sign. The interview is when the board meets you and asks you specific questions about your application. Neither your lawyer or broker will be with you. The style can range from an informal friendly meeting in someone's apartment to a formal interview with the board members lined up at a table and you sitting on the other side in the hot seat.

Dress up. Never be late. In terms of dress, promptness and how you carry yourself, treat the interview like a professional job interview. However, unlike a job interview, do not try to sell yourself.

Only answer questions asked. Let the board run the show. Boards rarely turn down applicants for being too boring. Asking questions can unintentionally convey negative information. A seemingly innocent question like "When are you going to redo the lobby?", may offend the board member who was in charge of the last lobby renovation. "Are you going to shred my personal information when you are done with it?" , can imply that you are less then trusting of the co-op's professionalism and procedures. Boastful statements should also be avoided. If you are buying an expensive home remember most of the board members also bought similar expensive homes.

Don't make solicitous remarks about the co-op. You have already signed a contract and made a downpayment. They know that you like their building. Solicitous remarks can lead to casual conversation and as we have already discussed this is where most people get themselves into trouble. For example, "I really love your lobby!" is the kind of solicitous remark that alienates the board member who hates the lobby and has been campaigning for years to have it redone. And YES a board can reject you for either liking or hating their lobby. So again, it's best to say as little as possible.

Don’t volunteer to serve on the board. You can always run for the board once you have been approved. Offering this can seem like a challenge to the position of long time board members. By the way, serving on a co-op board is hard, often thankless work with no compensation.

Always know your application. If you are purchasing a co-op in New York City chances are you have achieved significant financial success. This may mean that you have complicated investments and assets. Never say "I will call my accountant and ask him tomorrow" when asked a question by a co-op board member about your finances. Think of the interview as your one chance, so you will need to fully understand your application's contents in advance of the interview, ideally without having to look at it. But if you must, keep a copy in front of you, the board members will typically have a copy in front of them.

Couples should decide in advance who will answer what types of questions. For example, you may agree to answer all financial questions and let your spouse answer personal questions. If you have separate tax returns then each party should answer questions about their own returns. Never discuss answers with each other in front of the board.

A short interview is better then a long one. While there are no hard and fast rules, a short cordial interview with a few board questions and remarks is often the best co-op interview. Never try to stretch it out. The truth is you may have taken hours to prepare your application only to have a three minute interview. This should not be a concern. Chances are if they didn't like your application then you would not have received the interview. The interview can often just be a formality.

Never expect an approval at the interview. Never put the board on the spot and ask them for their decision. Most co-ops have to take a formal vote after you leave, then may take day or two to communicate their decision.

Remember co-op applications and interviews provide a level of protection against irresponsible fellow owners not found in condominiums. Remember co-op boards are made-up of shareholders who are looking after the financial health and stability of their investments. While the process may feel like an intrusion now, you will appreciate knowing the care they exercise in approving purchasers once you are also an owner.

THIS PAGE IS INTENDED TO PROVIDE GENERAL INFORMATION ABOUT THE PURCHASE OF CERTAIN TYPES OF REAL ESTATE IN NEW YORK CITY. EACH REAL ESTATE TRANSACTION IS UNIQUE. ALWAYS CONSULT WITH A LAWYER BEFORE MAKING ANY DECISION RELATING TO THE PURCHASE OF REAL ESTATE OR RELYING ON ANY INFORMATION IN THIS PAGE.

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