Starting July 28, 2026, NYC co-op boards will need to follow specific deadlines when reviewing purchase applications. The city's established clear timelines for acknowledging applications and making decisions, and while these requirements add structure to the process, they don't change a board's ability to approve or deny based on the building's standards.
What this means for your building
These new rules are really about transparency and keeping the purchase process moving. Boards will need to respond to applications more quickly and communicate clearly about what's needed. The law recognizes that buyers and sellers deserve to know where they stand, and it creates accountability around timing.
If a board misses these deadlines, the building faces penalties of $1,000 for the first violation, $1,500 for the second, and $2,000 for subsequent violations. Beyond the fines, though, it's really about maintaining the building's reputation with brokers and making sure transactions don't stall unnecessarily.
The two deadlines that matter
15 days to acknowledge receipt
When a board receives an application, whether it's the initial submission or a resubmission, there are 15 days to send both registered mail and email to the buyer or their broker. The response needs to confirm receipt and clearly state whether the application's complete or incomplete. If it's incomplete, the board needs to specify exactly which items are missing or need clarification.
Here's what matters most: if a board doesn't respond within 15 days, the application's automatically considered complete -- and once that happens, no additional information can be requested at all. The 45-day decision clock starts immediately.
45 days to make a decision
Once a board's acknowledged a complete application, there are 45 days to notify the buyer or their broker of the decision: approved, approved with conditions, or denied. Boards can request additional materials during this period if needed, but it doesn't extend the deadline.
If more time is needed, boards can add up to 14 days by notifying the applicant via email before the 45-day period expires. Or the buyer or their agent can agree to an extension.
What to have ready before July 28
Get your application materials in order
Boards should have a formal application form and a complete written list of requirements covering everything: documents, conditions, interviews, background checks, fees, and disclosures. If the building has specific policies around financing limits, financial qualifications, pieds-à-terre, or trust transfers, those need to be clearly documented and included.
Boards are required to provide these materials promptly upon request, so it's worth working with your property manager now to make sure everything's current and easy to access.
Establish a summer recess policy in writing
The law takes effect July 28 -- right as many boards head into summer break. The good news is the law accounts for this. Boards can pause either the 15-day or 45-day clock during a designated summer recess, but only if the recess is documented in the corporate records with specific dates, and that notice is available upon request and included in the application packet.
If your board takes a summer break, it's important to get this documented now. A verbal understanding isn't enough.
Work with your property manager to build a tracking process
The 15-day window moves fast. Work with your property manager to set up a clear intake and calendaring process so nothing slips through. That might mean designating a specific board member to handle initial receipt confirmations, or setting up a standard turnaround protocol with your manager for every new application that comes in.
Looking ahead
These requirements bring more structure to the co-op purchase process, but many well-run buildings already operate within similar timelines. The key is having clear procedures in place so boards can review applications carefully while meeting their obligations.
It's a change that benefits everyone. Buyers and sellers know what to expect, brokers can plan accordingly, and boards have defined guidelines to follow. It's a shift toward greater transparency in a process that's historically had very little.
At Daisy, we track deadlines like these for every building in our portfolio so boards don't have to. Learn more about how we work.
