Buying a co-op on the Upper West Side? Your board package can make or break your deal. It is the document set that shows the board you are financially sound, aligned with building policies, and ready to be a good neighbor. If you build it well, you can speed up approval and reduce last-minute surprises. This guide walks you through what to include, how the UWS process works, and how to prepare for the interview so you can move from accepted offer to closing with confidence. Let’s dive in.
What a board package is
A co-op board package is the set of documents the building’s board reviews to approve you as a shareholder. It covers your finances, background, and fit with building policies. Board approval is typically required to close.
Approval is a contractual condition in your purchase agreement. A board can deny even after a signed contract, which can lead to cancellation depending on the terms. A strong, complete package helps prevent delays and increases your odds of approval.
You usually assemble the package with your attorney, your buyer’s agent, and sometimes an accountant and your lender. Most buyers prepare both hard-copy sets and a digital file if accepted.
What to include
Every building has its own checklist. Use the list below as a starting point, then confirm the exact requirements with management.
Identification and basics
- Signed co-op application from management
- Signed purchase contract and any riders
- Copies of government photo IDs
Financial documents
- Federal tax returns, complete and signed for the last 1–3 years (often 2 years)
- W-2s and/or 1099s for the same years
- Recent pay stubs for 1–3 months
- Bank statements for 2–6 months for all accounts
- Investment and retirement statements showing liquid assets
- Mortgage pre-approval or commitment; lender co-op questionnaire
- Proof of down payment and cash on hand
- Signed IRS 4506-T or similar authorization to verify tax returns
- Debt schedule: loans, credit cards, student loans
- Statement of post-closing liquidity or cash reserves
Employment and income verification
- Employer or HR letter stating title, salary, start date, and status
- If self-employed: year-to-date profit and loss, CPA letter, business returns, K-1s if applicable, and 1099s
Personal documentation and references
- Short personal cover letter about why you want the home and how you’ll be a responsible neighbor
- Two to three personal or professional reference letters
- Prior co-op or landlord recommendation letters if available
- Marital documents if relevant to title
- Co-occupant documentation and consent if someone else will live in the unit
Legal and building-specific forms
- Attorney contact information and engagement letter
- Building questionnaires and acknowledgements (pets, subletting, renovation)
- Gift letter for gifted funds, plus donor details and source documentation if required
Other common items
- Application and processing fees
- Multiple hard-copy sets plus originals for signatures
- Proof of escrow deposits
- Unit photo or floor plan if requested
- Statement explaining any credit issues, bankruptcies, or legal matters
Upper West Side norms to know
The UWS has a range of building types, including classic prewar co-ops with long-standing boards, postwar doorman buildings, mid-rise co-ops, and income-restricted HDFC or Mitchell-Lama co-ops. Requirements vary by building style and culture.
- Many established UWS co-ops expect higher down payments. It is common to see 30% to 50% down in stricter buildings, though some accept 20% or more depending on your profile and building rules.
- Post-closing liquidity expectations can be substantial. Boards may look for several months to a year of maintenance and other reserves.
- Hard copies are still standard. Some boards accept digital packages, but you should confirm the format and number of sets early.
- HDFC and Mitchell-Lama co-ops have income restrictions and additional eligibility documents. Expect extra verification if you pursue one of these buildings.
Timeline and roles
Here is a typical sequence after you sign a contract:
- Assemble documents with your attorney and agent: 1–2 weeks, longer if complex
- Submit to management for completeness check: a few days to 2 weeks
- Board review: 2–6 weeks, sometimes longer
- Interview scheduling: 1–4 weeks after the package is deemed complete
- Board decision: often within days to two weeks after the interview
- Closing: scheduled after approval and final mortgage commitment
Who does what:
- Buyer’s attorney coordinates assembly, reviews forms, and liaises with management
- Buyer’s agent helps with presentation, references, and building insights
- Listing agent provides building checklists and management contacts
- Lender provides the commitment and completes the co-op questionnaire
Prepare for the interview
Your interview will focus on your background, your plan for the apartment, and your financial readiness.
What boards ask about:
- Personal background, reason for choosing the building and neighborhood
- Employment, income, and ability to meet monthly obligations
- Occupancy plans, pets, subletting intentions, and any planned renovations
- Prior landlord or co-op experiences
How to get ready:
- Bring originals and extra copies of key documents
- Practice a concise 30–60 second introduction
- Keep answers brief, factual, and courteous
- Prepare clear explanations for any red flags such as credit blemishes or gaps in employment
- Dress business casual and be punctual
Common pitfalls and fixes
Pitfalls that slow or derail approval:
- Incomplete or inconsistent paperwork
- Insufficient post-closing liquidity
- High debt-to-income ratios or poor documentation for self-employed income
- Credit issues without explanation or remediation
- Unclear sources of funds or large unexplained deposits
- Omitting prior co-op denials or legal matters
- Poor interview preparation or evasive responses
How to mitigate:
- Pre-screen expectations with management or your co-op attorney
- Include a brief cover letter and a separate letter explaining any red flags with documentation
- Offer a larger down payment or show additional liquid reserves if advised
- Provide extra references or a guarantor if the building allows
- If self-employed, include a CPA letter, year-to-date P&L, and clear evidence of deposits
Quick buyer checklist
- Engage a co-op-savvy attorney early
- Request the building’s current checklist and application forms
- Secure your lender commitment and the lender’s co-op questionnaire
- Gather 2 years of tax returns, W-2s/1099s, recent pay stubs, and 3–6 months of bank statements
- Add investment statements and proof of down payment funds
- Prepare a concise personal cover letter and 2–3 references
- Sign required forms, including IRS 4506-T, and add photo IDs
- Prepare for the interview with a short intro and documentation for any irregularities
- Produce multiple hard-copy sets and a digital copy if accepted
- Confirm the review timeline and follow up politely with management
Ask the listing agent for these
- The building’s latest board package checklist and all application forms
- Rules related to subletting, pets, renovations, and move logistics
- Recent board policies or meeting summaries if available
- Maintenance history or upcoming assessments if relevant
Special situations
- Financing: Some boards want a firm commitment letter, not just pre-approval. Your lender must complete the co-op questionnaire.
- Cash purchases: You still need to show bank and asset statements and clear sources of funds.
- Self-employed buyers: Provide CPA support, P&L statements, K-1s if applicable, and thorough documentation of deposits.
- Foreign buyers: Expect translated and notarized records and detailed source-of-funds documentation. Use an attorney experienced in international transactions.
- Pets and subletting: Confirm policies early and disclose your plans.
Next steps
Every Upper West Side co-op is different. Confirm the building’s specific checklist, start early with your attorney and lender, and aim for a clean, consistent story across your documents. If something looks unusual, address it upfront in writing with support.
Ready to talk through your plan or want help tailoring your package to a specific UWS building? Let’s make a strategy that fits your timeline and goals. Let’s Connect with Unknown Company.
FAQs
How long does a UWS co-op board review take?
- From submission to decision, many boards take a few weeks to 6 or more weeks, depending on completeness and meeting schedules.
What down payment do Upper West Side co-ops expect?
- Policies vary, but many conservative UWS co-ops look for 30% to 50% down, while some buildings accept 20% or more based on your profile.
Does the board interview decide my approval?
- The board votes based on your package and the interview; decisions can include approvals, requests for more information, or denials.
Can a board ask for more documents after I submit?
- Yes. Supplemental requests are common and can add time to the process, so plan for possible delays.
What if I’m self-employed and buying a co-op?
- Provide a CPA letter, year-to-date profit and loss, 1099s, and business and personal tax returns, plus clear documentation of deposits.
How is a co-op purchase different from a condo purchase?
- Co-ops require a full board package and an interview, while condos generally focus on lender and title requirements without a buyer interview.
