Is There a Board Interview When Buying a Condo in NYC?

If you're buying a condo in NYC, you may have heard that in the case of a co-op there's a pretty extensive application as well as an interview. Many buyers wonder if this similar process extends to condos.

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The good news is that in most cases you will not have to sit for an interview if you're buying a condo. That's not to say it's guaranteed that you won't have to do one, but in our experience probably 95% or more of condos do not require the applicant to sit for an interview.

The reason is that there's pretty much no point. Unlike a co-op a condo cannot just reject a prospective purchaser without any recourse or obligation to do something in exchange. A condo on the other hand can only reject a buyer if the condo actually decides to use the condo's money to actually buy the apartment at the same price you were willing to pay for it. That scenario virtually is non-existent in NYC because it just doesn't make sense for a condo building to engage in the business of buying and selling apartments. This is called the right of first refusal.
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

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