New York City real estate attorney Natalia Sishodia releases a new article (https://sishodia.com/how-to-prepare-for-a-co-op-board-interview/) explaining how to prepare for a Co-op board interview in NYC. The lawyer mentions that in New York, purchasing a co-op will be very different from other types of real estate. Purchasing a co-op does not mean that an individual is “purchasing” a small unit of property. Instead, they are requesting to be a part of a cooperative that owns and manages the property.
“The co-op board will be particularly interested in how each individual will fit with their ownership efforts and whether they are a financially viable candidate. The board will require an in-person or video interview before you can go forward with a co-op purchase, and you should be prepared for the questions they may ask to ensure your best outcome,” says the New York City real estate attorney.
The lawyer explains that by the time an individual is granted a board interview, they are already conditionally approved. In a board interview, the participants are usually in a kind of meet-and-greet environment. Therefore, it does not have to be overwhelming for the buyer who is being interviewed. There are points, though, that the board will look at to ensure that the individual is fit to be a partner.
Attorney Sishodia adds that in a board interview, the individual is being interviewed as a partner. The questions they may get can include questions about job security, hobbies, renovation plans, political leanings, and whether the individual would consider serving on the board.
In the article, the real estate attorney mentions that the purpose of the board is asking questions will be to determine the individual will be able to stand financial ups and downs. They will also use the individual’s answers to determine whether they will be a quiet neighborhood and how much will they be able to put into the governance of the building.
According to attorney Sishodia, “It’s best for you, as a buyer, to put your best foot forward, keep answers short and sweet, and not be tempted to add information that might harm your approval. But co-op rejections can and do happen, and the board is not required to be transparent about why you were rejected.”
Lastly, she mentions that it is best to have upfront information about the co-op’s historical choices and reputation for accepting or rejecting applicants. Having a real estate attorney may be able to help the buyer ensure success.
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