PRO TIP: If the balance on your bank verification letter is different from that on your most
recent statement, you generally want to go with the figure from the most recent
documentation. We suggest that you highlight the latest balance figure on your bank
statement or verification letter. In the case that something is not intuitive, you should include
a footnote next to the line item on the financial statement explaining where the figure came
from and why you used it.
Asset Verification Documentation:
In order to verify the assets you’ve listed in your financial statement, you will likely be
required to submit copies of up to three months of records, statements or agreements for
each line item on the financial statement.
If you received a gift in conjunction with your coop purchase, this is the section where you
will need to include signed gift letters as well as documentation supporting the gift transfers
into your bank accounts. The simplest way to do this is to provide a bank wire transfer
statement or to note and highlight the incoming bank transfers in your corresponding bank
statement.
PRO TIP: For all supporting documentation you provide, including bank statements, it’s
critical that you provide the most recent statements. If you prepared your coop purchase
application before finalizing your mortgage commitment letter and lots of time has passed,
please be sure to refresh the supporting bank statements as well as asset figures you’ve
included on the purchase application financial statement.
Personal Reference Letters:
A NYC co op board application may request anywhere from 1-4 personal reference letters.
The purpose of these letters is to help the board obtain a more qualitative sense for how you
are as a person and how you would be as a potential future member of the coop community.
As you consider who to ask for recommendations, you’ll want to think about the sorts of
things which your references will need to include in the letters:
Go into detail on the individual – be biographical where possible, length of time you’ve
known them, how you met, why you know them. Why are you friends?
How you socialize with them – activities and events you attend as common interests,
i.e. theatre, sports, charities, professional associations, traveling, etc. Perhaps you no
longer live in NYC – were you or they ever a guest in your respective homes or the
home of a family member?
Specify their character traits and cite examples. This description should enable
someone to “recognize” them at a dinner party – try not to generalize by using
adjectives as “responsible, trustworthy, honest, ethical” without demonstrating how. If
you know their educational background, refer to it and their achievements during