Get an inside look at a sample NYC co-op questionnaire

So, you’ve finally found the perfect co-op apartment and you’re ready to secure a mortgage to make it yours. But now you’ve hit a roadblock: your bank is asking for a co-op questionnaire to be filled out, and you’re left with a few worrisome questions. Does this mean the bank hasn’t approved things yet? Why do they need this questionnaire? What does it involve?

Don’t worry, we’ve got you covered. Let’s take a closer look at the purpose and importance of the questionnaire in the mortgage approval process. Understanding this step is crucial and can save you time, money, and potential headaches down the road.

First, it’s important to realize that your bank may not have financed purchases in your desired building before. So, the building won’t be pre-approved in their systems, and they’ll require the managing agent of the building or an officer of the co-op corporation to complete a co-op questionnaire.

This questionnaire is a crucial part of the due diligence process. It ensures that both you, as the buyer, and your lender have a clear understanding of the cooperative apartment’s financial and structural aspects. The questions in the questionnaire are designed to assess the building’s overall financial health and potential risks.

Some common inquiries you might find in the questionnaire include questions about the:

  • Ground Lease: They may ask about the existence of a ground lease, which could impact the property’s long-term value.
  • Owner Occupancy: They might inquire about the number of units that are owner-occupied versus those that are rented out. High rental ratios can sometimes affect financing.
  • Upcoming Assessments: They may want to know about any upcoming assessments or capital improvement projects that might influence your financial obligations as a shareholder in the co-op.

It’s important to note that completing the co-op questionnaire usually comes with a nominal fee, typically starting at a few hundred dollars. This fee is charged by the managing agent of the building for their services in preparing and submitting the questionnaire.

Now, let’s talk strategy. If you’ve negotiated a mortgage contingency clause in your purchase contract, you might want to consider the timing of the co-op questionnaire. It’s often wise to delay ordering the questionnaire until you have a signed contract, especially if you don’t need it for your due diligence. This approach can help you avoid unnecessary expenses and potential complications.

Similarly, you may want to hold off on ordering the bank’s property appraisal until you have a signed contract. Remember, in real estate, offers aren’t legally binding until both the buyer and the seller sign the contract. By waiting until this point, you’ll ensure that you’re not spending money on a deal that might fall through, saving you from costly investments in an uncertain transaction.

Now that you know more about what the purpose and function of this step is, get a sneak peek at a sample questionnaire below:

Address of Cooperative:
Please verify the number of shares for this unit:
Name of current holders of stock and lease:
Please confirm the monthly maintenance fee:

Have there been amendments to the offering plan:
How many amendments have there been to the offering plan:
What utilities, if any, are included in the monthly maintenance:
Amount and tenor of current assessments, if any:
Amount and tenor of upcoming assessments, if any:
Type of tax abatement the building currently receives, if any:
Did the seller qualify for the abatement:
If the seller didn’t qualify, how much was the seller charged last cycle as non-qualifying
Amount of flip tax and who pays it (seller or buyer), if any:
In which year was the building built:
How many floors does the building have:
How many units are in the building:
How much are transfer fees due at or prior to closing:
Is storage available in the building:
Is parking available and is there a waiting list:
Is bicycle storage available in the building:
Is this a non-smoking building:
– If yes, are individual units non-smoking:
– If yes, are there any smoking areas in the building:
What are the restrictions on moving (i.e. Monday through Friday, 9am to 5pm):
When does the proprietary lease expire:
Has the proprietary lease been renewed:
Is this a landmark building:
Does this building have lot line windows:
– If yes, which windows are lot line windows:
Have the house rules been modified since the offering plan?
– If so, when was the most recent modification?
What is the sublet policy?
What is the building’s pet policy?
Are pied a terres allowed?
Are parents allowed to buy for children?
Is gifting allowed?
Is purchasing in a trust allowed and what are the requirements for doing so:
Is purchasing under a LLC allowed and what are the requirements for doing so:
What is the current operating account balance:
What is the current reserve account balance:
Have there been any bed bug infestations in the past 12 months:
– If yes, which floors:
– If yes, has the problem been eradicated:
Does this building have a land lease and when does it expire:
Is there any threatened or pending litigation against the building:
What is the owner occupancy ratio:
How many units are subleased:
How many are sponsor owned units:

How many commercial units are there, if any:
What is the maximum amount of financing allowed:
Have building wide improvements been made to the following? If yes, please describe when
and what improvement was made:
– Roof:
– Boiler:
– Plumbing:
– Electric:
– Lobby:
– Elevator:
– Gas to electric conversion:
Is there any upcoming work planned? If so, please indicate if the costs are known, a contract is
in place, if an assessment will be issued, and how the work will be paid for:
Is there a Certificate of Occupancy for the subject unit:
Is there a valid unexpired Temporary Certificate of Occupancy for the subject unit:
Are there any DOB and/or HPD violations against this unit, another unit in the building or the
building itself? If so, please explain:
What is the status of Local Law 11:
– When were Cycles 7 and 8 completed:
How often is the building treated for pest control:
Please indicate if you are aware of any of the following in the building:
– Mold:
– Leaks:
– Noise complaints:
– Odor complaints:
– Neighbor complaints:
– Security issues:
– Rodent issues:
How often does the board meet to review co-op purchase applications:
Is there a live-in superintendent in the building:
Is this building in a flood zone:
Preparer’s name and title:
Signature and date signed:
Please forward a copy of the Certificate of Insurance for the building
Please forward a copy of the co-op purchase application
Please forward a copy of the current year and previous year’s building budgets
Please forward a copy of the 2 most recent years of the co-op’s financial statements
Please forward a copy of the sublet application, if applicable
Please forward a copy of the alteration agreement
Please forward a copy of the most recent co-op tax deduction letter
Please forward a copy of the unit’s floorplan.


Share Page

Download our Buying Into Brooklyn E-Book!