A board package is the formal application a prospective buyer or renter submits to a NYC co-op or condo board for approval before closing on a sale or signing a lease. It contains the purchase contract or lease, a completed application, two to three years of federal tax returns, recent pay stubs, a financial statement listing assets and liabilities, bank and brokerage statements, employment verification letters, two to three personal reference letters, two to three professional reference letters, a landlord reference if applicable, and processing fees that typically run $500 to $2,000.
Co-op boards have full discretion to approve or deny without giving a reason. Condo boards review packages but cannot deny outright. They can only exercise the right of first refusal. Most NYC boards take 30 to 60 days to review a package once submitted. An incomplete package gets returned and resets the clock.
Buying, selling, or running board approvals in a NYC co-op or condo? MD Squared handles the entire board package process for you, from assembling submissions and vetting financials to coordinating board interviews and shepherding applications through approval. It is one of the core functions of our Condo-Coop Property Management service, trusted by 500+ NYC buildings. Talk to our team today and let us take the paperwork off your plate.
