Why every condo, co-op, and HOA needs a sales application process

In NYC real estate, change is constant—but stability within your building shouldn’t be. For condo, co-op, and HOA boards, a sales application process is one of the most effective tools for protecting your community’s financial health, culture, and future.

More than a formality, this process helps ensure every new resident is a positive addition to your building—not a financial or compliance risk.

Why sales applications matter

Regardless of community type, a clear sales application process helps boards:

• Conduct financial due diligence to confirm buyers can meet obligations like maintenance, common charges, or dues
• Create a stronger sense of community by reviewing the buyer’s background and expectations
• Confirm rule acknowledgment so new residents understand and agree to follow the building’s rules
• Support legal compliance by creating a standardized, documented process that helps avoid discrimination claims
• Generate building revenue through fees, flip taxes, or capital contributions that strengthen the building’s financial position

How it works across co-ops, condos, and HOAs

• Co-ops: Boards can approve or deny prospective buyers. Applications typically include financials, references, and interviews, helping the board make informed choices
• Condos: Boards don’t have full approval rights, but can use the right of first refusal. Sales applications give them visibility and the chance to act if needed.
• HOAs: Sales applications help ensure incoming residents understand shared responsibilities and neighborhood standards, supporting cohesion and consistency
  

What can go wrong without one

Skipping a formal sales application process can introduce real risk:

• Financial instability if buyers are unable to meet ongoing costs
• Community disruption from residents unfamiliar with or unwilling to follow shared rules
• Legal complications especially for co-ops, where inconsistent processes could open the door to discrimination claims
• Reduced property values if the building gains a reputation for poor buyer screening

How Daisy helps make it easier

Daisy partners with boards to simplify and strengthen the sales process with:

• Streamlined application procedures designed for ease, transparency, and consistency
• Compliance support to ensure your process aligns with city regulations and protects the board
• Resident onboarding that helps new owners settle in quickly and understand how the building runs

A strong sales application process supports everything your board works to protect—from financial stability to community trust. With Daisy’s help, it’s easier than ever to get it right.

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