NYC real estate attorney Natalia Sishodia (https://sishodia.com/how-to-prepare-for-a-co-op-board-interview/) releases a new article explaining how to prepare for a Co-op board interview in NYC. The lawyer mentions that in New York, purchasing a co-op will be very different from other types of real estate. Purchasing a co-op does not mean that an individual is “purchasing” a small unit of property. Instead, they are requesting to be a part of a cooperative that owns and manages the property.
According to the NYC real estate attorney, “The co-op board will be particularly interested in how each individual will fit with their own efforts and whether they are a financially viable candidate. The board will require an in-person or video interview before you can go forward with a co-op purchase, and you should be prepared for the questions they may ask to ensure your best outcome.”
According to the lawyer, a person is already conditionally approved when they are granted a board interview. The interviewees are typically in a meet-and-greet setting. Interviews need not be difficult for buyers. The board will review certain points to make sure that the buyer is suitable to become a partner.
Attorney Sishodia says that the person being interviewed for a board position is also being interviewed as a partner. They may be asked questions about the person's job security, hobbies, and renovation plans.
The real estate lawyer mentions in the article that the purpose of the board asking questions is to determine if the individual can withstand financial ups or downs. The board will also use the answers of the individual to determine if they will live in a quiet area and how much they can contribute to the governance of the building.
According to attorney Sishodia, “It’s best for you, as a buyer, to put your best foot forward, keep answers short and sweet, and not be tempted to add information that might harm your approval. But co-op rejections can and do happen, and the board is not required to be transparent about why you were rejected.”
Lastly, the lawyer mentions that it is best to have upfront information about the co-op’s historical choices and reputation for accepting or rejecting applicants. Having a real estate attorney may be able to help the buyer ensure success.
About Sishodia PLLC
Sishodia PLLC’s team of professional Manhattan real estate attorneys pride themselves on their ability to give the most comprehensive advice and guidance possible to their clients. The lawyers at Sishodia PLLC take time to fully understand each client’s unique goals and circumstances, minimizing potential risks and issues. Call them today at (833) 616-4646 for a consultation.
Sishodia PLLC | Real Estate Attorney and Estate Planning Lawyer | Asset Protection Law Firm | 1031 Exchange - NYC
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Sishodia PLLC
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