Co-op Board Package Checklist

A board package is a brokerage job, and a tedious one. It is assembled, not written: the same documents, in the order a managing agent expects them, with the numbers tying out. Most packages that fail do not fail on the merits — they fail because something was missing and the file sat until the next meeting.

1 Application & purchase documents 4

The board is confirming who you are and what you agreed to buy.

Board application form Completed in full and typed rather than handwritten, signed and dated by every applicant.
Executed contract of sale The signed purchase agreement including every rider and amendment.
Government-issued photo ID A clear colour copy of a licence or passport for each adult applicant.
Background check authorizations Signed releases permitting credit, criminal and eviction history searches.

2 Financial statement & assets 5

The most scrutinised part of the package. Boards supply their own standard financial statement form, and they all ask for the same picture.

Financial statement A balance sheet of assets, liabilities, income and the monthly housing expense you are taking on.
Bank & liquid asset statements Three to six consecutive months, complete, for every checking, savings and money market account.
Investment & retirement statements Three to six months for brokerage accounts, stock holdings, 401(k)s and IRAs.
Proof of down payment & closing funds A clean paper trail showing where the money sits today.
Gift letter, if applicable A notarized letter confirming the funds are a gift and need not be repaid, with donor statements showing the money is available.

3 Income & employment 4

Boards want income that is documented and durable, not just large.

Federal tax returns Signed returns for the past two to three years with all W-2s, 1099s and schedules attached.
Recent pay stubs Two to three months, consecutive.
Employer verification letter On company letterhead, signed by HR or management, stating title, start date, base salary and bonus history.
If self-employed Two to three years of business returns, a year-to-date profit & loss statement signed by a CPA, and a CPA letter speaking to the continuity of the income.

4 Financing documents 3

Skip this section entirely if you are paying cash — and add a proof-of-funds letter instead. See paying cash, or financing? below.

Mortgage commitment letter The formal approval from a lender the building will accept, stating the loan terms.
Loan application (Form 1003) A copy of the full application you submitted to the bank.
Aztec recognition agreement The standard recognition agreement for co-op share loans — three signed originals. You and the lender sign; the co-op signs as the third party. Originals, not photocopies: this is a routine cause of delay.

5 Reference letters 4

Ask early. Waiting on a slow reference is the most common reason a package misses a board meeting.

Personal references (2–3) From friends or colleagues, not family. Character and history, specific rather than generic.
Professional references (1–2) From a supervisor or colleague, speaking to reliability.
Landlord or mortgage reference Confirming you paid on time — from your landlord or managing agent, or your mortgage history if you own.
Bank reference letter From your primary bank, confirming accounts in good standing and how long the relationship has run.

6 Cover letter & building acknowledgments 3

The one section where you are more than a set of numbers.

Personal cover letter One page. Who you are, why this building, and what kind of neighbour you will be.
House rules & policy acknowledgments Signed disclosures covering house rules, subletting and renovation policy.
Pet application, if applicable Photos, vaccination records and licences, per the house rules.

7 Fees & checks 3

Almost always separate checks, in specified amounts, payable exactly as the managing agent directs.

Application processing fee Typically $500–$1,000, payable to the managing agent, non-refundable.
Credit & background check fees Roughly $75–$150 per applicant.
Move-in / move-out deposits Move deposits or refundable fee checks where the building requires them.

What boards are measuring

Typical standards across the market rather than a rule any single building publishes — individual boards set their own thresholds, and some are materially stricter.

Measure	Typical standard	What it means
Debt-to-income	28%–33%	Total monthly debt — mortgage, maintenance and personal obligations — against gross monthly income. Postwar Brooklyn and Queens buildings tend toward the upper end; stricter boards hold nearer 28%.
Post-closing liquidity	6–12 months	What stays liquid after closing, counted in months of carrying costs. Long Island boards generally accept around six; Brooklyn and Queens often look for more.
Down payment	20% is the standard	Roughly seven in ten listed co-ops across our four counties require exactly 20% down. About one in six allow 10%. Measured across current listings rather than estimated — but it is set building by building, so confirm before you make an offer.
Credit score	700–720+	Long Island co-ops in particular often state a minimum on the cover page of the application itself.

How it changes for your situation

The list above is the common core. Three things move it: whether you are financing, how you are paid, and where the building sits.

Paying cash, or financing?

This is the single biggest fork in the package — it changes both the documents and the timeline.

	Financing	All cash
What gets added	Bank commitment letter, loan application (Form 1003), and three original Aztec recognition agreements.	A proof-of-funds letter from your bank covering the full purchase price plus expected closing costs.
What gets omitted	Nothing — this is the fuller version of the package.	The commitment letter, Form 1003 and Aztec agreements all drop out.
Effect on timing	You cannot submit until the bank issues the commitment. Budget an extra three to four weeks.	The package can be assembled and submitted as soon as the contract is executed.
What the board weighs hardest	Debt-to-income ratio.	Post-closing liquidity — what is left after you pay.

One detail worth getting right: the commitment letter should be fully underwritten — conditioned only on the appraisal and board approval, not on income verification still outstanding. A commitment with open income conditions invites the board to wonder what the bank has not finished checking.

How you are paid

Boards do not treat all income as equal. Self-employed income is read as inherently variable, so expect to document roughly twice as much.

	W-2 employee	Self-employed, 1099 or business owner
Tax documents	Two to three years of W-2s, matching the federal 1040s.	Two to three years of business returns — 1120, 1120S or 1065 — with all K-1 schedules.
Current income	Two to three consecutive pay stubs showing year-to-date earnings.	A year-to-date profit & loss statement, prepared and signed by an independent CPA.
Third-party letter	Employer verification on letterhead: title, start date, base salary and bonus history.	A CPA comfort letter — see below. This is the piece most often returned as insufficient.

The CPA comfort letter needs to do four specific things: state how long the accountant has handled your account, confirm your percentage of ownership in the business, confirm taxes are filed and current with no outstanding liabilities, and state explicitly that buying and financing this apartment will not adversely affect the stability of the business. A generic "client in good standing" letter will come back.

Where the building is

Board culture varies more by geography than most buyers expect. Both markets below are ones we work in daily.

	Brooklyn & Queens	Nassau & Suffolk
Typical ratios	Debt-to-income often stretches to 28%–33%, and many postwar buildings allow 80–90% financing.	Generally moderate. Boards commonly state a minimum credit score — 700 to 720+ — right on the cover page.
Reserves after closing	Usually six to twelve months of carrying costs.	Six months is broadly accepted.
Who processes it	The building’s managing agent, with house rules that tend to be clearly written.	Usually a regional management company, which means their forms and their sequence — not the building’s.
Local paperwork to expect	Pet applications with vaccination records are standard where pets are allowed.	Parking and storage addendums for assigned spots or lockers, plus flip tax disclosures.

The Long Island flip tax is the one that surprises people: many co-ops there charge a percentage-based fee on resale, and whether the buyer or the seller pays it varies building to building. It is worth knowing before you make an offer, not at closing — examples of Nassau and Suffolk regional managers include Alexander Wolf, Douglas Elliman Property Management and Mid-Island Management.

Three things that decide how it lands

Make the numbers tie out. The totals on your financial statement should match the underlying bank and investment statements exactly. A discrepancy the board cannot reconcile reads as carelessness at best.
Redact narrowly. Account numbers and Social Security numbers, yes. Names, bank logos, balances and line items, no — over-redaction invites a second request and another delay.
Submit it as one bookmarked PDF with a table of contents, unless the agent asks for hard copies. The people reading it are volunteers reading on a screen, usually at night.

Common questions

How long does co-op board approval take?

Plan on roughly 30 to 60 days from a complete package to a board decision, though it varies by building and by season. The clock effectively starts when the managing agent accepts the package as complete — which is why an incomplete submission is expensive: it does not put you in line, it puts you back at the start.

What is the most common reason a board package gets returned?

Incompleteness, not weakness. A missing reference letter, an unsigned page, a statement that stops one month short, or figures on the financial statement that do not tie to the underlying statements. Boards generally do not chase the gap — the managing agent returns the package and it waits for the next meeting.

Should I redact my bank statements?

Redact account numbers and Social Security numbers. Do not redact account holder names, bank logos, balances or individual line items — a heavily blacked-out statement reads as evasive and usually comes back with a request for the unredacted version.

Does the board have to explain a rejection?

In most cases, no. A co-op board can decline without giving a reason, provided the decision does not rest on a protected class under fair housing law. That is precisely why the package matters so much: it is generally the only argument you get to make.

Do condos require a board package too?

Usually a lighter one. Condos typically run an application and waiver-of-right-of-first-refusal process rather than a full board interview, so the financial disclosure is normally less extensive. Requirements still vary building by building.

Assembling one now?

The DeVito Team of Keller Williams Realty Greater Nassau puts these together for clients as part of representing them on the purchase. Joseph DeVito, NY Licensed Associate Real Estate Broker is also a New York–licensed attorney, and that background shapes what he reads closely in a package — the contract and rider terms, and how the financial picture will be received.

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This checklist describes what co-op boards commonly require and is general market information, not legal advice. Requirements differ building to building. It does not create an attorney–client relationship, and it is not a substitute for your own attorney reviewing your contract and package.