Whether you need to have a board interview when buying an apartment largely depends on the type of property and its governing rules. Here’s a breakdown to help you understand when a board interview is typically required:

1. Cooperative Apartments (Co-ops)

• Board Interview Required: Yes, a board interview is usually required. Co-op boards have the authority to approve or reject prospective buyers, and the interview is a key part of this process.
• Purpose: The board interview allows the co-op board to assess the buyer’s financial stability, compatibility with the community, and overall suitability for living in the building.

2. Condominium Apartments (Condos)

• Board Interview Generally Not Required: No, a board interview is generally not required for condominiums. Condos do not have the same board approval process as co-ops.
• Approval Process: For condos, the approval process usually involves administrative checks, such as reviewing your financial qualifications and ensuring you meet the purchase requirements set by the sponsor or seller.

3. New Developments and Conversion Projects

• New Developments: If you are purchasing an apartment in a newly constructed development (whether a co-op or condo), you generally will not need a board interview for a condo. However, if it’s a co-op, you will likely still need to go through the board interview process.
• Conversion Projects: In the case of a co-op conversion project (where a rental building is being converted to co-op ownership), you will generally need to have a board interview, even if buying from the sponsor. For condos, you typically do not need a board interview.

4. Key Considerations

• Preparation: If a board interview is required, prepare by gathering your financial documents, references, and any other required information. Be ready to discuss your background and why you want to live in the building.
• Legal Assistance: Consider hiring a real estate attorney who is experienced with the specific type of property you’re buying to help you navigate the process and ensure all requirements are met.

Summary

• Co-ops: Typically require a board interview regardless of whether you are buying from a sponsor or a private seller.
• Condos: Usually do not require a board interview, though you will need to go through the sponsor’s or seller’s approval process.
• New Developments: For new developments, the requirements depend on whether the property is a co-op or condo. Co-ops will generally require a board interview, while condos generally do not.

Understanding the specific requirements of the building or development you’re interested in will help you prepare for the process and ensure a smooth purchase.