Unlike purchasing other types of property in New York City, a co-op is not the purchase of a piece of real property but buying a share of a corporation that owns and manages the building. In exchange, you get the use of an apartment as part of that transaction, typically through a proprietary lease. Consequently, the board that governs the management and ownership of the building has a significant interest in who they accept to be one of their shareholders. And the questions they ask during the interview can feel a bit intrusive.
Before going to a co-op board interview, it may be helpful to speak with an experienced real estate attorney. At Sishodia PLLC, our team of Manhattan co-op real estate attorneys may be able to help you prepare to answer the questions during a co-op board interview. Contact us today at (833) 616-4646 to learn more about how we can help.
Co-Op Board Interview
A co-op interview is a comprehensive meeting conducted by a co-op board with a prospective individual who expresses interest in residing in a specific building. The objective of this interview is to thoroughly evaluate and determine whether the candidate should be approved as a shareholder in the co-op corporation. It represents a pivotal stage in the process of joining co-op housing, which generally encompasses the following key aspects:
- Candidate’s financial assessment: Prospective candidates typically submit an application for a share loan and provide their financial details, including income, assets, and credit history, to the lender for thorough evaluation.
- Evaluation of the co-op association by the lender: The lender examines the co-op association, considering factors such as the completion of construction, expenses, policies, and bylaws, to ensure its stability and financial soundness.
- Candidate review by the co-op board: The co-op board conducts interviews with candidates and performs background checks to ascertain whether they meet the financial and community requirements established by the co-op. This evaluation plays a vital role in determining the candidate’s suitability as a prospective co-op resident.
Co-op housing often imposes stringent financial criteria on prospective tenants to ensure their ability to cover living expenses. The board may scrutinize the candidate’s financial history, taking into account aspects such as net worth and debt-to-income ratio. Additionally, they consider the candidate’s personal attributes and habits, as co-ops typically maintain strict regulations concerning subletting, noise levels, pet ownership, and smoking. Failure to adhere to these rules may result in penalties and fines.
What Is the Purpose of a Co-Op Board Interview?
The purpose of a co-op board interview is to assess whether a prospective buyer is financially responsible, socially compatible with other residents, and aligned with the building’s community standards. The board uses the interview to confirm application details and ensure the buyer fits the building’s culture.
How to Prepare for a Co-Op Board Interview?
Preparing for a co-op board interview can be daunting, but with the right approach, you can make a positive impression. Here are some tips to help you get ready:
- What to Wear: Dress conservatively for your co-op board interview. A suit or blazer is always a good choice, but slacks or a skirt paired with a nice shirt are also acceptable. Dark wash denim can work if dressed up with a professional top and shoes.
- When to Arrive: Plan to arrive a little early. Punctuality is crucial; being late can reflect poorly on you. If board members are late, it’s on them, but your early arrival shows reliability and commitment.
- How to Respond to Questions: Prepare and practice potential questions in advance. If you’re interviewing alone, thoroughly prepare your answers. If you’re interviewing as a couple, decide beforehand who will answer which types of questions. Avoid interrupting or disagreeing with each other during the interview. Practice together to ensure smooth and confident responses.
- Avoid Asking Your Own Questions: Unlike job interviews, a co-op board interview is typically one-sided. Avoid asking your own questions unless you are prompted by the board, and even then, keep the questions professional. If you have any pressing concerns, direct them to your real estate attorney rather than to the board members.
- Discussing Renovations: If asked about renovations, keep your responses brief. Minor updates like painting are usually fine, but avoid mentioning major projects like knocking down walls. Major renovations can be a red flag for the board due to the disruption they cause.
- Handling Personal Questions: Be ready for potentially uncomfortable questions. Stay composed and be mindful of seemingly innocuous questions that might have deeper implications.
- Staying Patient: After the interview, the process can be slow, so be patient. It may take several days or even weeks for the board to reach a decision. Avoid contacting board members directly for updates; instead, communicate through your real estate attorney if you have concerns.
Following these guidelines will help you present yourself as a well-prepared and considerate candidate for co-op living. However, handling a co-op board interview can be daunting without experienced guidance. A Manhattan co-op real estate attorney from Sishodia PLLC can provide valuable advice, review your application, and offer tips to ace the interview, ensuring you make a great impression. Contact us today for assistance with your co-op board interview preparation.
Why Reviewing Your Co-Op Application Matters Before the Interview
Thoroughly reviewing your co-op board application before the interview is crucial. Not only does it help you answer questions with ease, but it also signals your diligence and genuine commitment to joining the community. A well-prepared candidate reflects positively in the eyes of the board, increasing your chances of approval.
The co-op board interview is your opportunity to make a personal impression. Board members often refer directly to your application during the interview. Familiarity with your own application ensures you can discuss aspects of your financial statements, employment history, and personal references fluently. This level of preparation shows the board that you are conscientious and reliable.
Furthermore, it’s essential to verify the accuracy of every detail in your application. Discrepancies between what you say during the interview and what’s written in your application can raise concerns about your credibility. This is particularly important in Manhattan, where co-op boards are known for their thorough review processes. Remember, there are no specific laws governing the content of co-op board interviews, but the scrutiny can be intense.
Before the interview, it is advisable to reread your entire board package. This includes all financial statements, employment details, personal statements, and reference letters. Knowing these documents well allows you to answer questions promptly and accurately without needing to refer to them during the interview.
Finally, consider bringing a copy of your application to the interview. While it’s likely you won’t need to consult it, having it on hand can provide a psychological boost, reinforcing your readiness to engage with the board’s inquiries confidently and effectively.
What Questions Are Asked in Co-Op Board Interviews?
Co-op board interviews typically include questions about your finances, employment, lifestyle, and plans for the apartment. Boards may ask about income, debt, job stability, daily routines, guests, renovation plans, and your reason for choosing the building to ensure you are a suitable fit for the community.
Common Questions that the Board May Ask
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.
Questions that a co-op board may ask include:
- Is your job secure? – From a financial perspective, a co-op board will look for assurances that your job and financial future is a secure one.
- Why did you choose this apartment/neighborhood? – A co-op board wants to make sure you are a good personal and financial fit. How you answer can give them important information about you. The best responses will be complimentary, such as what drew you to the building and neighborhood.
- Why are you downsizing? – Again, this may have something to do with their need to ensure your financial security. Your answer should not indicate that you are downsizing for financial reasons.
- Do you have plans to renovate? – Board members can be concerned about renovations from a noise and disturbance perspective as well as a financial one. It may be best not to talk about any renovation plans until you have made it past the interview and are actually in the apartment.
- What political party do you belong to? – Yes, this is a perfectly legal question, but an awkward one. If it is at all possible, it is best to steer away from any political conversations during a board interview or keep it very light and respectful.
- What do you do in your spare time? – Again, this is trying to discover if you are a right fit for the co-op community. You should keep answers very generic to show you will be a respectful and quiet neighbor.
- How often do you entertain? – Just like the spare time question, this question will try to seek out whether you will be a quiet neighbor.
- Do you plan to sublet? – Most co-ops have very strict subletting policies. Know yours and answer accordingly.
Being asked very personal questions by a group of strangers can be uncomfortable, and answering uncomfortable questions with as much dignity and grace as possible will be the only way to get through these interviews. But as personal as these questions may feel, there are some questions that co-op boards are forbidden to ask.
| Questions that the Co-op Board May Ask | Description |
|---|---|
| Is your job secure? | The board will look for assurances that your job and financial future are secure from a financial perspective. |
| Why did you choose this apartment/neighborhood? | The board wants to ensure you are a good personal and financial fit. Your answer can provide important information about you. |
| Why are you downsizing? | This question may be related to ensuring your financial security. Your answer should not indicate downsizing for financial reasons. |
| Do you have plans to renovate? | Board members can be concerned about noise, disturbance, and financial impact of renovations. Avoid discussing plans until after the interview. |
| What political party do you belong to? | While legal, it’s best to steer away from political conversations during the interview or keep them light and respectful. |
| What do you do in your spare time? | The board is trying to assess if you are a good fit for the co-op community. Keep your answers generic to show you’ll be a respectful neighbor. |
| How often do you entertain? | Similar to the spare time question, this helps the board understand if you’ll be a quiet neighbor. |
| Do you plan to sublet? | Many co-ops have strict subletting policies. Know yours and answer accordingly during the interview. |
A Co-Op Board Cannot Discriminate
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.
A co-op board interview can be daunting, but once you get to this point, you are already conditionally approved. At Sishodia PLLC, our New York City real estate attorneys can help guide you and prepare you for your board interview. Call us at (833) 616-4646 or schedule a consultation through our online contact form.
