Starting July 28, 2026, NYC co-op boards will need to follow specific deadlines when reviewing purchase applications. The city has 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 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, this is really about maintaining the building's reputation with brokers and ensuring 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 is complete or incomplete. If it's incomplete, the board must specify exactly which items are missing or need clarification.
Here's what's important: if a board doesn't respond within 15 days, the application is automatically considered complete, and no additional information can be requested after that point.
45 days to make a decision
Once a board has 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. Alternatively, the buyer or their agent can agree to an extension.
Steps to take now
Review application materials before June 30
Boards should make sure they have a formal application form and a complete list of requirements that covers everything: documents, conditions, interviews, background checks. If the building has specific policies around financing limits, financial qualifications, pieds-à-terre, or trust transfers, these need to be clearly documented and included in the materials.
Boards are required to provide these materials promptly upon request, so it's important to work with the managing agent to ensure they're current and accessible.
Consider a summer recess policy
Many boards don't meet regularly during July and August, and the law accounts for this. Boards can suspend either the 15-day or 45-day period during a designated summer break, but only if they maintain written notice in corporate records that specifies when the board won't be reviewing applications. This notice must be available upon request and should be included in the application packet.
If a board takes summer breaks, it's important to establish this policy in writing before the end of June.
Work with your property manager to meet deadlines
Boards should work with their property managers to build processes that allow them to meet these deadlines consistently. This might mean scheduling meetings more frequently during busy periods, or designating specific board members to handle initial application reviews.
At Daisy, we've built automated systems that handle this for you. Our guaranteed turnaround times mean boards can review applications thoroughly without worrying about missing legal deadlines. The process stays organized, communications go out on time, and you have one less thing to track.
Looking ahead
These requirements bring more structure to the co-op purchase process, but many well-managed buildings already operate within similar timelines. The key is establishing clear procedures now so boards can review applications carefully while meeting their obligations.
This framework 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 professionalism in an industry that sometimes operates without enough transparency.
The summer recess provision shows the city understands how co-op boards function in practice. And ultimately, keeping purchase applications moving efficiently serves buildings well and supports the community's long-term value.
