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Q: What do I need in my co-op board package?

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Q: What do I need in my co-op board package?

 

filing_pixFirst of all, if you’re ready to assemble your Board Package, congratulations — this means your contract has been signed, and it’s an exciting time. But like any other application, a Board Package can be stressful to assemble. Let’s review the pieces.

The main purpose of your Board Package is to assure the Co-op of your financial ability to “carry” the apartment (Boards are tougher than banks!), and to give them confidence that you will be a “cooperative” shareholder and a responsible member of their community. Each Co-op has its own set of requirements and its own application form.

Here’s what you can usually expect to include in a Board Package:

Cover Letter

Purchase Application

Credit Release Form

Contract of Sale

Financial Statement

Reference Letters

Tax Returns

Landlord Reference

Bank Reference Letters

Employer Letter / CPA Letter

Commitment Letter

Composing the best Board Package possible requires strategy, attention to detail, and having an organized plan so that you can complete the package within the timetable listed in your contract of sale. We take this project very seriously at Meier Real Estate.  Having completed hundreds of Board Packages in some of the toughest Co-ops in the city we have a proven system to complete a terrific package.  You will get feedback and advice while completing your Board Package from your agent as well as other members of the Meier Real Estate team.  Our collaborative approach and series of internal Board Package reviews ensure our clients that we submit the best possible package to the board.

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