LAVENDERLAWBLOG POST: ADMISSIONS PRIMER FOR COOP PURCHASERS
As an attorney representing purchasers of cooperative apartments, it is my job to guide clients through the process of obtaining their new homes. One of the facets I am unable to assist people with is attending the required interview with the Cooperative Board. Each board is as different as the people who serve on them. A board typically will review the finances of a prospective purchaser to determine the ability to pay the costs and expenses associated with living in a cooperative building. The applicants are interviewed to determine if they are a “good fit” with the other occupants in the building. Purchasing an apartment in a cooperative building can be compared to living with roommates. If the apartment owners in a building do not get along conflict and discord are sure to result. An article I found in Habitat website linked below gives a little insight to what a board will or should review as part of the interview process.
Admissions / Habitat’s Purchasing Primer: News for New Buyers / Publication Content / Home – Habitat Magazine.
I would be interested in hearing from people’s experiences interviewing with cooperative boards. All submissions will kept anonymous upon request. It is my hope that first time home buyers will read this post, the linked article and posted experiences and find the interview process less daunting.