NYC Co-op Closings Just Got a Deadline: What the New Timing Law Means for You
Will the new “Co-op Admissions Timing Act” actually speed up your NYC apartment closing?
Will the new Co-op Admissions Timing Act actually speed up your apartment closing?
Starting July 28, 2026, New York City co-op boards must follow strict 15-day and 45-day deadlines to review purchase applications, bringing much-needed predictability to a process that has historically been a major source of closing delays.
Standardizing Co-op Board Timelines
If you’ve ever bought or sold a co-op in New York City, you know the waiting game. Because co-op boards aren’t technically parties to the purchase agreement, they have traditionally controlled their own timelines. This often led to days, weeks, or months of silence, expired mortgage rate locks, and stressed-out sellers and buyers.
The Co-op Admissions Timing Act aims to change that. The law applies to NYC buildings with more than 10 units (where no government subsidy is involved). It introduces a level of accountability that has been missing from the board approval process.
The 15-Day Completeness Check
The first major hurdle in a co-op sale is ensuring the board package is complete and includes every item on the application requirements page. Under the new law:
- the board must acknowledge receipt via email and registered mail within 15 days of receiving the application.
- the board must state if the package is complete or list exactly what is missing. If they don’t respond within 15 days, the application is legally deemed “complete,” which starts the clock on the final decision.
The 45-Day Decision Deadline
Once an application is complete, the board has 45 days to deliver a decision. They can approve you, deny you, or offer a conditional approval (such as requesting a maintenance escrow).
The board is allowed one 14-day extension if they provide written notice, but anything beyond that requires the purchaser’s consent. Boards can still adopt a July–August recess, which pauses the clock during the summer months.
Why This Matters for Buyers and Sellers in NYC
While most co-ops already operate within these windows, the law introduces penalties for those that don’t. The NYC Department of Housing Preservation and Development (HPD) can now issue fines ranging from $1,000 to $2,000 for violations. Whether those fines are enough to curb bad behavior is hard to say.
For you, this means:
- Predictable Closings: You can plan your move and your mortgage with more confidence.
- Standardized Requirements: Boards must now maintain a standard list of required documents and fees.
- Accountability: Knowing there is legal oversight keeps the slower boards in check.
While this law doesn’t take effect until July 2026, it represents a significant shift toward transparency in the New York market.
As residential experts in the Bronx, Manhattan, and Westchester, the Aaron and Geoff Team has seen how board delays can derail a deal. Whether you are prepping a board package today or planning for next year, having an experienced team to navigate these shifting regulations is your best asset.
Ready to Navigate the Market?
If you’re planning a move in the Bronx, NYC or Westchester and want to ensure your co-op board package is bulletproof, we’re here to help.
