Your Life On Paper (What is The Co-operative/Co-op Board Application)

Buying a co-op is unlike any other real estate purchase. It’s not just about the numbers or the space; it’s about a deeply personal journey where you quite literally lay your life out on paper for a cooperative board to evaluate. This is why I call the application process, “Your Life On Paper.” Financial Health: You must provide tax returns, often for the past three years, along with proof of all bank and investment accounts, sometimes covering the past three months. This includes information on all outstanding debt, liabilities, and assets.

• Credit and Background: The board will have access to your credit history and will conduct a criminal background check. They need assurance that you are financially responsible and will be a good fiduciary steward of the cooperative.

• Purchase History: Documentation of the purchase of your current home is often required.

• Personal and Professional Ties: You must provide extensive references—often one professional, two personal, and one or two financial. This gives them a view of your key relationships, your stability, and your character as seen by others. You may also need to list your recreational interests, club memberships, and affiliations.

• Signed Commitments: The application includes signing multiple affidavits and agreements. You will sign an affidavit concerning your financial health, sign waivers, and formally commit to honoring the building's House Rules. Furthermore, you must commit to full disclosure regarding any current or future renovation plans.