Co-Op Post Close Liquidity Requirements

troy:

1. if it's joint and the co-owmer has the right to withdraw the entire balance, a creditor
such as a Coop cant rely upon the money being there if you need it.

2. you would probably be much better off if you placed part of that balance into a
separate account owned solely by you.

Joint asset held in part by a person who is not purchasing the coop would not be considered at all by most coops. In addition, boards look at deposit and balance histories. So if there were an enormous, unusual recent transfer of funds into an account of yours, the board would need to know what that deposit represents, why it is there, where the money came from. A board would not look favorably upon a $150,000 deposit from a parent, for instance, in the last 3 months. They would likely want to see documentation that the funds were truly gifted to you and not just a "loan" to make your assets appear beefier than they really are. And even with the documentation, it could remain an issue. True gifts that are to be used to purchase an apartment are viewed more favorably that those that just arrive in a checking account prior to a board interview and which will not be used for the purchase.