Difference between condo and co-op boards
Yes, condos and co-ops have similar application processes, but the big difference is that a condo board doesn’t have the ability to reject a buyer, only the right of first refusal to purchase.
Though this is an option that is rarely exercised, the condo board can still rigorously review an applicant, ask for more information and hold up the process prior to giving up their right,Conversely, in a co-op, each candidate needs to be approved by the board and part of the approval process is an in-person interview with the members of the board.
An experienced broker will know the criteria and preferences of the co-op boards before their client even makes an offer to purchase an apartment. Once an offer is accepted, the broker should be able to help create a board package that’s designed to impress and get their client approved.