New York City Real Estate Attorney Natalia Sishodia Explains the Questions Asked in Co-Op Board Interviews

New York City real estate attorney Natalia Sishodia releases a new article (https://sishodia.com/what-questions-are-asked-in-co-op-board-interviews/) explaining the questions asked in co-op board interviews. The lawyer mentions that unlike purchasing other types of property in New York, a co-op does not mean that the buyer will be buying a piece of real property. Instead, they are buying a share of a corporation that owns and manages the building.

“A co-op board will take a very personal interest in anyone purchasing a unit in their building, and they may ask questions that seem very personal. But by this time, they already have extensive financial information about you, and the interview process itself is more like a meet and greet. However, it is still an important step in the process and you can still be turned down by the board depending on your answers,” says the New York City real estate attorney.

The lawyer mentions that the questions asked in a board interview include questions about job security, the reason for choosing the apartment, the reason for downsizing, plans to renovate, what political party the buyer belongs to, their hobbies, and whether they plan to sublet.

Attorney Natalia Sishodia says that from a financial standpoint, a co-op board will want to look for assurances that the buyer’s financial situation is good. The board of directors will also want to make sure that the buyer is a good fit for the neighborhood. This is why it is important to seek the help of an experienced real estate lawyer before going to a co-op board interview.

In the article, attorney Sishodia adds that board members are also concerned about renovations to a co-op apartment. They may worry about noise and disturbance as well as the financial stability of the buyers. It may be best not to talk about any renovation plans until the transaction is done and the buyer owns the apartment already.

According to the real estate lawyer, “A co-op board may not ask any questions that may be construed as discrimination under New York City’s human rights laws. They cannot ask about your relationship status, your country of origin, your religion, or even how many children you have or plan to have. While they may want to know all these things, they cannot outright ask them. Consequently, they may try to phrase questions in a way that they get the information they want without seeming discriminatory.”

Lastly, attorney Natalia Sishodia emphasizes how important it is to seek the help of an experienced attorney when it comes to real estate transactions. Having a skilled real estate attorney may help ease the burden of understanding complex terms from the customer and may guide them into making a more informed decision.

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